qfcra

Consumer Alert Bulletin

The QFC Regulatory Authority maintains a public register of authorised firms, approved individuals, registered funds and waivers and modifications notices in relation to authorised firms. In addition, the Regulatory Authority publishes disciplinary actions taken against firms and individuals who have committed contraventions of QFC laws, regulations or rules.

It is good practice for consumers to look up the firm and/or the approved individual, check if the firm is authorised by the Regulatory Authority or whether the individual is an approved individual, view the scope of authorisation of the firm and search if any enforcement or disciplinary actions have been published against the firm or individual. Consumers should carry out the same research on financial advisors or other individuals that they are entrusting with their money.

Press releases

QFC Regulatory Authority warns consumers to avoid Portable Fund and Portable Revenue System

QFC Regulatory Authority warns Investors and Consumers about a firm falsely claiming Authorisation to conduct business in the QFC

STEPS TO TAKE WHEN DEALING WITH A SCAM

First Case scenario:

You are a business owner and have to make a loan request to a bank that is regulated by the QFC Regulatory Authority. Two days later, you receive a call from Mr. X, an individual who says he is the CFO of the bank. Mr. X tells you that they have changed their webpage and have updated their e-mail addresses. He asks you to fill out new paperwork and provide confidential information, such as passport copies and bank statements, in order to continue the loan approval process. Additionally, you are asked to sign binding documents if you want to proceed. You follow the process and sign and provide the requested documentation. The firm then goes silent and you are unable to contact them. This raises a red flag and you begin to feel concerned.

In such a scenario, the business owner could have taken the following steps to protect themselves:

Conduct research before signing any agreement or contract; Ask questions about the sudden changes with the website and email addresses and the insistence on moving fast with signing the documents.
Attempt to contact another individual in the firm to find out more information and confirm what you have been told.

If you have already fallen prey to the scam and there is no reply from the “firm” then you need to raise this matter with the relevant authority by:

Contacting the regulator, that regulates the firm in question, notifying them of the incident that took place.
Provide the regulator with any copies of the interactions with the firm and, details of the signed documents, and any other relevant information that can assist the regulator in dealing with the matter.

Second Case scenario:

You are an insurance policy holder and have been contacted by an investment manager from the firm you purchased your policy plan, requesting you to sign updated papers to maintain your monthly instalments. The manager, who introduces himself as a senior investment executive tells you he is new to the firm. He requests you provide confidential information for the new updated rules and procedures of the firm, while insisting that you provide your signature as soon as possible, thereby not giving you a chance to think it through before following the instructions.

In such a scenario, the individual can take the following steps to protect themselves:

Look up the senior investment executive’s name on the firm’s website and do a quick google search on them.
Go through your e-mails from the firm to see if they have sent you any information that there has been changes to your policy or the firm’s procedures.
Contact another individual in the firm to verify this new request.

Third Case scenario:

You are contacted by a financial advisor claiming the firm you are registered with has changed its web address and asking you to login through their “new” website. The scammer is trying to steal your confidential information and gain access to hack into your computer, phone, or e-mail by tricking you into logging in to the fake website they created.

In such a scenario, the individual can take the following steps to protect themselves:

Open the original website and see if there has been any changes made to it.
Consult with your original financial advisor to inquire about this new request. If you do not have a specific financial advisor you deal with then you should contact the firm directly.

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