Currently only three financial advisory firms are regulated by the Qatar Financial Centre Regulatory Authority (QFCRA): International Financial Services, Guardian Wealth Management and Nexus Financial Services. Of these, Guardian and Nexus have confirmed that they have raised concerns with the QFCRA about advisers from companies not regulated in Qatar “tripping in” to provide advisory services.
Sharon Gardner, director and general manager of Nexus’ Qatar branch, said the QFCRA has been made aware of the names of the individuals and companies involved and said, while she “would not go so far as to say that action is imminent”, it would not spend the time investigating this issue “for nothing”.
It is not yet clear what action, if any, the QFCRA will be able to take, as the advisers who are operating within the jurisdiction without a licence are effectively outside the control of the regulator.
But IA understands there has been some suggestion that pressure could be put on the life offices whose products are being sold to stop accepting business from unlicensed advisers.
Guardian’s manager in the region, David Russell, welcomed any moves by the QFCRA to ensure cli-ents given advice in the country are protected.
In a statement, the QFCRA said it was important to ensure firms are properly licensed and consumers remain vigilant.
CEO Phillip Thorpe, said: “The regulatory framework provides the necessary protections where firms are licensed, but we must ensure all financial services firms are properly part of that framework. If consumers encounter a firm offering financial services without a license, it should be reported to the relevant authorities.”
