“Whilst I’m not too surprised by some of the statements in this circular. It does further demonstrate that there is a drive for better consumer protection and higher standards for advisers operating within onshore financial services market.”
Sillitoe added that the Central Bank’s tough stance reflects the regulatory changes with the IA and ESCA.
“With changes on commission structure, and full disclosure coming in from the Isle of Man based Insurance groups in 2018, it will be an interesting few years for financial services companies operating onshore in the UAE,” he said.
