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The DFSA took action after receiving complaints that misrepresentations had been made to members of the public, whereby Montpelier had falsely held out that it was licensed or has applied for a license with the DFSA or DIFC, and has directly or indirectly used these representations to induce members of the public to become its clients.
Montpelier had not applied for authorisation in any capacity with the DIFCA, DIFC or DFSA, but nevertheless represented to members of the public that an application for authorisation with the DIFC and DFSA had been made. Further, Montpelier has no office in the DIFC and the address listed on their written materials at Knowledge Village, Dubai, is a serviced office with no apparent business operations.
As a result, Montpelier has agreed to Terms and Conditions which are set out in the 'DFSA Enforceable Undertaking' pursuant to Article 89, Regulatory Law No. 1 of 2004, a copy of which may be obtained from www.dfsa.ae under 'Publication/Media' - and relevant media release.
This is the first Enforceable Undertaking obtained by the DFSA under the Regulatory Law.
David Knott, DFSA Chief Executive, stated:
'It is important that investors are not misled about the regulatory status of financial firms and advisors. This Enforceable Undertaking sends a clear signal that the DFSA will take action against any party that misrepresents its regulatory status within the DIFC.'
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Posted by Lara Lynn Golden, News Editor
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