News

DFSA publishes results of thematic review

Dubai Financial Services AuthorityThe Dubai Financial Services Authority (DFSA) has issued the findings of its review into client classification and suitability practices at regulated firms and found that, while these practices have improved since the last review in 2012, concerns still remain. These concerns include insufficient training and guidance for the staff performing client classification assessments, inadequate sand unclear supporting documentation, and an over-reliance on a tick-box approach rather than detailed and qualitative assessment. The DFSA also noted its unease about the continued use of ‘suitability wavers’ in client agreements to limit liability and obligations in respect of suitability. The DFSA has issued a number of recommendations to its regulated firms “to ensure clients’ interests are properly considered and protected” which include developing appropriate policies and procedures, providing training programmes for all client-facing staff. “All firms must keep in mind that client classification and suitability assessments, and all forms of investor protections, are and will continue to be very high DFSA priorities and will feature in the DFSA’s future supervisory agenda,” warned Ian Johnston, chief executive of the DFSA. ©2018 funds global mena

Executive Interviews

INTERVIEW: ‘Financing is the blood of Iran’s economy’

Jan 04, 2019

Amid a fresh wave of American sanctions, Romil Patel spoke to Meysam Hamedi, director of financial markets and instruments at Iran’s Securities & Exchange Organization (SEO).

INTERVIEW: Totally mega

Jun 13, 2018

In 2016, global consulting firm PWC forecast the emergence of five global ‘megatrends’ in the next two decades. Stephen Anderson, its Middle East clients and markets leader, talks about their...

Roundtables

ROUNDTABLE: Hooked to the global caravan

Jan 04, 2019

With the MENA region at a tipping point, our panellists talk about economic diversification, the impact of regulation and the delayed Saudi Aramco listing. Chaired by Romil Patel in Dubai.

MENA ROUNDTABLE: ‘The story is about reforms’

Jun 13, 2018

Our cross-industry panel discuss the positive backdrop in Egypt, the Dana Gas controversy and the potential index upgrades of Saudi Arabia and Kuwait. Chaired by George Mitton in Dubai.