The Association of International Financial Advisers was set up by Robert Tyler in 2009, shortly after the financial crisis, and the organisation has recently started actively recruiting members in the Middle East.
Earlier this month, Tyler sent an email purportedly to all United Arab Emirates and Ministry of Economy and Central Bank listed brokerages offering them membership. In the email, Tyler said the UAE is in “desperate need of a “clean up” and this light touch trade body offers both individuals and corporates (sic) the opportunity to do so.”
Tyler also said in his email that he expects take up by “decent firms” to be 100% and that “you may suffer a disadvantage by not being a member”.
In the mission statement posted on its website, the organisation said it was created to build trust and confidence for clients who require financial advice or planning in areas where “little or no regulation exists from the government”. It does not specify exactly where these areas are.
It also said other international locations are available for AIFA membership, although these are not given on the site.
Dubai-based Lime Financial has already registered with AIFA, with 25 staff and five advisers, according to the AIFA website.
The cost of registering and receiving accreditation with AIFA for an individual is £175 initially, with an annual £375 renewal. For company registration and accreditation the initial fee is £2,395, with an annual renewal of £3,495.
