David Howell, chief executive of Guardian Wealth Management, said the board of Guardian Wealth Management Qatar undertook a strategic review of the business, which has been in the Qatar Financial Centre for six years.
He said that while the Qatar regulatory authority (QFCRA) offered “a strong regulatory framework based on transparency and qualification requirements, GWM believes that to continue with its current licensing arrangements will prevent it from offering holistic financial planning advice in an ever changing industry landscape with continuously evolving client requirements”.
Aaron Vickery, chief executive of GWM Qatar, said its QFC office is “in the process of being closed.”
“As one of only three financial advisory companies currently authorised by the QFCRA and with a brand well known and respected within Qatar’s expat community, it has become apparent that our current authorisation as insurance intermediaries restricts us from offering a complete and integrated service to our clients’ financial planning journey in this region”, he said.
He added “For example in other jurisdictions we already offer holistic advice on offshore banking, wills, trusts, discretionary portfolio management, trading platforms and a complete pensions service, something GWM is exceptionally good at.”
GWM also said it would continue to review and monitor the circumstances surrounding their decision as part of its overall corporate business planning.
To date in 2016, the Insurance Authority has issued broker licences to Ascot & Fitch Insurance Brokers, Unity Insurance Broker and Guardian Wealth Management.
Howell said that he had been delighted to get the new licence having waited nearly a year for the process to be completed.
