International Adviser has seen a letter sent in March to one of the “key partners” in a proposed consultation process, which seems to suggest the regulator is prepared to offer financial advisers the prospect of being able to advise on life and protection products as well as their current remit, which covers investment funds.
The industry source who received the letter said he was confident the SCA was taking small steps towards “producing financial planning regulations”, and that ultimately all financial advisers in Dubai would be “herded into the same corral”.
The letter stated the SCA was “keen to involve key partners in the process” but did not specify a timescale for when any new regulations might be implemented.
A spokesperson for the SCA confirmed it had sent a circular in March about “its project to amend the current financial consultancy and financial analysis regulation”.
The scope of this project, which it could not confirm “at this early stage”, is part of SCA’s strategic plan “to promote the regulatory framework continuously in response to the markets’ needs and developments”.
The spokesperson added that “any amendment in the regulations shall consider SCA’s vision, mission, strategic objectives and mandate as per the Federal Law No (4) of 2000”.
