Fund Advisers Welcome New UAE Insurance Authority Legislation
The United Arab Emirates is set to undergo the most significant regulatory reforms seen in recent years and Fund Advisers are right at the forefront of these changes.
March 6, 2014 (Newswire.com) - The United Arab Emirates is set to undergo the most significant regulatory reforms seen in recent years and Fund Advisers are right at the forefront of these changes. The new UAE Insurance Authority legislation will see many of the financial services companies already operating within this space be forced to clean up their activity and operations or be forced to cease trading.
In a recent interview, Spencer Lodge Managing Director of Fund Advisers shared his thoughts on the big changes ahead and the positive impact it will have on the industry.
"Here at Fund Advisers, we fully support these changes which are designed to give the public the ability to clearly identify and disseminate the most professional and reputable financial services companies in the UAE from those organisations who continually fall short of the professional and ethical standards expected".
The management team at Fund Advisers has already implemented the required changes and we are genuinely leading the campaign for change. We have gone even further and made it a requirement that all our Wealth Managers and support staff, undertake continual professional study to complete and attain their Chartered Institute for Securities & Investment qualifications. This will ensure our Wealth Manager's are fully qualified and understand the range of assets and investment products that are available in the market. It will equip them to provide expert financial advice and find appropriate solutions to meet the investment, retirement, protection and estate and tax planning needs for you, our client. We simply believe our team should be the best trained in the industry and this decision demonstrates our ongoing commitment.
Fund Advisers operate a policy of never cold calling prospective clients and we monitor this closely each day. Our client satisfaction rate is one of the highest in the industry and we continue to support and work with authorities to constantly improve our offering.
The new legislation is further designed to ensure companies provide higher levels of financial protection for their clients and improve relationship and operational standards resulting in highest standards of care and compliance. These are areas where Fund Advisers already excel and our clients continually tell us this is what makes us different from our competitors.
The UAE Insurance Authority have clearly had enough of sub-standard practice and have set out to remove organisations that operate without the appropriate Government licences, employ unqualified and untrained staff that simply cold call and bombard prospective clients with heavy handed techniques and industry untruths.
At Fund Advisers, we firmly believe that as a result of this new legislation coming in to effect, industry standards across the UAE will significantly improve and it will eradicate the unlicensed and undercapitalised brokers who have for too long been able to operate in the marketplace.
We fully embrace and welcome these new changes that will come in to effect on 28th November.