Financial Adviser Banned in UK Continues Working in UAE

Open Letter to UAE and UK Financial Regulators

Yesterday, the FCA announced that Paul Reynolds was banned from working in UK financial services:

FCA Bans and Fines Paul Reynolds

International Adviser magazine immediately reported that Paul Reynolds was currently working in the UAE for a company named Holborn Assets.

Paul Reynolds Photo

Holborn Assets is registered with the UAE Insurance Authority under the name “Holborn Assets Insurance Brokers LLC” (Registration ID 180).

I would like to know: What is the UAE Insurance Authority’s policy in situations like this? Does the Insurance Authority allow Paul Reynolds to keep operating in the UAE, giving him the chance to destroy the finances of local UAE residents? Or does the Insurance Authority follow the lead of the UK regulator and ban Paul Reynolds from working in UAE also?

Holborn Assets’ UAE Business – Legal or Not?

According to Holborn Assets’ website, “We help expatriates arrange a variety of investment options such as Bonds, Alternative Funds, Hedge Funds, Equities and Property.”

I am not familiar with UAE law, but I presume that any company promoting or giving advice on investment products would need a separate investment license, beyond just an insurance brokerage license. Holborn Assets does not appear to hold any such license and is definitely not licensed with the Dubui Financial Services Authority.

Is Holborn Assets breaking UAE law? If so, whose responsibility is it to enforce the law?

Accountability in the UK

Portfolio Adviser magazine recently reported that Holborn Assets has set up two offices in the UK and is now licensed with the FCA (reference number 648817).

It appears that any rogue financial adviser who gets banned in the UK can simply move to his company’s foreign office and continue operating “business as usual”. Is that not the message being sent here?

I want to know: Does FCA believe that the integrity and reputation of Holborn Assets’ UK offices are called into question when the group continues to employ an FCA-banned adviser in a foreign office?

Does the FCA have the will or the authority to impose any disciplinary action if the Holborn Assets group continues to operate in this manner?

Holborn Assets’ Shady Online Reputation

Anyone who tries Googling Holborn Assets will find plenty of disturbing information. For example:

Holborn Assets – The New DeVere of Dubai

Holborn Assets - The New DeVere of Dubai

Holborn Assets – RL360 Quantum Savings Scam

Holborn Assets - RL360 Scam

What Will UAE and UK Regulators Do Going Forward?

I am looking forward to a response…

Best Regards,

Lindell Lucy

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