The consultation is open only to current licensed entities, followed by a second consultation period that will be open to the public.
“This will be published after drafting the first proposal of the amendments”, the spokesperson said.
Brendan Dolan, regional director for Middle East & Africa at Old Mutual International, said: “If the SCA is intending to enable financial advisers to have their licence extended to include full financial planning for clients then we view this as a positive sign that the regulatory framework is being strengthened and the licensing opportunities may be opening up.”
Last year, a number of advisers in the UAE decided to stop selling products offered by firms not licensed by the UAE’s Insurance Authority, which also imposed a significant increase in the capital requirements for intermediary firms and other new requirements for registration.
