The Dubai Financial Services Authority (DFSA) has issued a warning regarding a fraudulent firm purporting to be a subsidiary of the Dubai International Financial Centre (DIFC) in the UK.
Operating two websites, DIFC Investment Bank Limited could pose a threat to consumers and financial services companies as it offers products and services that have not been approved by either the DFSA or DIFC.
The Financial Services Authority (FSA) register in the UK does not include DIFC Bank and it has not been authorised by the regulator.
A statement from the DFSA said: “The statements on the website are therefore false and/or misleading and deceptive. In addition, the DIFC’s name and logo are being used without authorisation.”
The bogus websites cited by the Dubai watchdog are difc-ib.com/ae and difcbk.com, and consumers have been strongly advised to steer of dealings with the fraudsters.
It was also suggested the registration being used by DIFC Bank in fact belongs to another firm despite it trying to convince consumers it Is authorised under the Banking Act 1987.
Earlier today (January 9th), the FSA revealed chairman of the National Employers Savings Trust Lawrence Churchill would succeed David Hall as the FSCS chairman from April 1st.
Posted by Claire Robin