According to The National UAE newspaper Khaled Kalandar of Al Rai Advocates and Legal Consultants have lodged the case in court for next month against Neil Grant, who was convicted of operating in the UAE without a licence in January.
UAE regulatory authorities – the Insurance Authority has pledged to boost the regulatory environment.
A detailed second draft circular, released in April 2017, set out the authorities’ plans to overhaul how intermediated products are distributed to customers, but has yet to be finalised.
According to The Times the Neil Grant case has also been referred to the UK’s Financial Conduct Authority.
