12 Apr 2019
Research and communications company Insight Discovery has published a website aimed at listing legitimate financial advisories and safeguarding consumers from cold calling advisers and scammers, The National reports.
The site, whichfinancialadviser.com (WFA), categorises advisory firms based on the UAE’s regulatory authorities, being the UAE Insurance Authority and the Securities and Commodities Authority.
Nigel Sillitoe, founder of the comparison site and chief executive of Insight Discovery, said: “It can be daunting for consumers to understand how they are protected by the different regulatory frameworks here in the UAE and WFA helps to cut through all of that and provide simple and straightforward information on regulated firms here in the UAE. Soon, we plan to roll out WFA in other markets in the Middle East where financial advisers are regulated by the competent regulatory authorities.”
deVere Acuma LLC is one of the firms highlighted on the site and listed under those regulated by the Securities and Commodities Authority (SCA) while deVere Acuma Insurance Brokers LLC is also listed and is regulated by the UAE Insurance Authority.
The WFA boosts credibility of the firms mentioned and is said to not highlight advisory firms that rely on cold calls to boost their business.
Insight Discovery had shared a Middle East Investment Panorama study in February, revealing that 39% of UAE residents think the industry’s image could benefit from improved transparency on fees and commissions, and an additional 37% demanded that regulators crackdown on scams and unregulated firms.
A second site will soon be launched, consisting of information regarding local regulators, different kinds of licences and links to professional bodies and will list wealth managers regulated by the Dubai Financial Services Authority, Abu Dhabi Global Market and Central Bank of the UAE.