The news that St James’s Place (SJP) had received an in-principle approval for a Dubai Financial Services Authority (DFSA) licence probably took no one by surprise.
Every other month since time began, there have been rumours that SJP were getting a licence in the UAE advice market.
But as exclusively revealed by International Adviser in March 2023, the wealth giant announced it is close to opening an office in the Dubai International Financial Centre (DIFC).
As the firm edges closer to receiving the licence, IA asked businesses across the UAE to talk about how much impact SJP’s move will have on the region’s expat advice industry.
Unfortunately, no advice firms replied. But the Chartered Insurance Insititute (CII) Middle East gave IA its insights into the move.
Healthy competition
Gaenor Jones, regional director of the CII Middle East, said: “It’s very encouraging to see a company that has CII corporate chartered status in the UK moving to the DIFC.
“SJP obviously recognises the importance of upholding professional standards and supporting their staff through professional qualifications to ensure they are giving the most up to date and relevant advice to their clients.
“SJP will hopefully maintain the same standards and commitment in the UAE by becoming a CII accredited international professional partner firm (IPPF) once they are established here.
“Organisations of this calibre and prominence who demonstrate their adherence to a code of ethics and professional conduct make a positive contribution to the financial planning and insurance sectors within the respective country, and can often encourage other entities, particularly competitors, to follow suit which is good news for the sector, consumer, and the UAE as a whole.
“I think this is great news and look forward to seeing their growth in the region – healthy competition should always be welcomed.”
