Doha, Qatar, 6 October 2020: On 17 September 2020, the QFC Regulatory Authority (the “Regulatory Authority”) announced that it had issued International Financial Services (Qatar) LLC (QFC No. 00109) (“IFSQ”) with a First Supervisory Notice (the “First Notice”) pursuant to Article 31 of the Financial Services Regulations. IFSQ is an authorised firm in the Qatar Financial Centre (“QFC”) that is permitted to conduct insurance mediation.
The First Notice prohibited IFSQ from engaging in business or providing services to any new customers. The First Notice, however, did permit IFSQ to provide services in respect of its existing customers’ policies.
The Regulatory Authority announced today that it is issuing a Second Supervisory Notice (the “Second Notice”) to IFSQ. The Second Notice requires IFSQ to take immediate steps to rectify various rule breaches. The Second Notice maintains the current prohibition on IFSQ’s conduct of new business and also prohibits IFSQ from transferring any customer to another insurance intermediary without the approval of the Regulatory Authority. The Second Notice also requires IFSQ to advise all customers that they should contact their insurance policy provider directly (rather than contacting IFSQ) if they require any information or assistance with respect to their policies.
The Regulatory Authority has issued these supervisory notices because IFSQ has failed to comply with its regulatory obligations in a satisfactory manner. The details of the First Notice and the Second Notice are available on the Regulatory Authority’s website and the action has been recorded in the public register.