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DFSA suspends Morgan Gatsby Limited licence

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Morgan Gatsby Limited’s (MGL) licence was suspended due to serious concerns related to the adequacy of its human and financial resources, its non-compliance with DFSA rulebook requirements and its failure to deal with the DFSA in an open and cooperative manner.

Tuesday 05, February 2019 BY KUDAKWASHE MUZORIWA

The Dubai Financial Services Authority (DFSA) has announced the suspension of Morgan Gatsby Limited licence for a period of 12 months, consistent with its aim to protect direct and indirect users of the financial services industry in the Dubai International Financial Centre (DIFC).

In a statement, the DFSA stated that the regulator formally brought these concerns to MGL’s attention in April 2018 and MGL failed to address the concerns to the DFSA’s satisfaction.

Bryan Stirewalt, the Chief Executive of the DFSA, said, “We will not hesitate to suspend a firm that repeatedly fails to comply with our regulatory requirements and also fails to deal with us in an open and cooperative manner.”

Morgan Gatsby is a diversified financial services group based in Dubai which covers investment banking, wealth management and corporate advisory services.

TAGS : DFSA, DIFC, Morgan Gatsby Limited

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