Page 63 - Annual Report 2021 EN

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Enforcement Actions in 2021
Disciplinary action against Nigel Perera,
former CEO of International Financial
Services (Qatar) LLC (currently known
as Prime Financial Solutions LLC)
In April 2021, the QFCRA took disciplinary action
against the former CEO of International Financial
Services (Qatar) LLC (currently known as Prime
Financial Solutions LLC), Mr Nigel Perera, for failing
to act with due skill, care and diligence in relation
to his oversight of the firm’s compliance with the
QFCRA’s requirements as required by the Individuals
(Assessment, Training and Competency) Rules 2014.
Mr Perera appealed the QFCRA’s decision to impose
a financial penalty of QAR 273,000 and a three-year
prohibition from carrying out a controlled function
for a QFC authorised firm, and the QFC Regulatory
Tribunal upheld the three-year prohibition and the
financial penalty for one of the two contraventions
(QAR 136,500) imposed by the QFCRA.
T ABLE OF C ONTENT S
Disciplinary action against Prabha QFC Court judgments Customer Protection: The Customer
James, Senior Manager of First Dispute Resolution Scheme
The QFCRA was party to one (1) proceeding in the Qatar
Abu Dhabi Bank PJSC (FAB)
International Court in 2021: An internal complaints-handling framework is a
The QFCRA took disciplinary action against • Qatar Financial Centre Regulatory Authority v Horizon requirement for authorised firms in the QFC. Where
Mrs Prabha James, the Senior Manager of FAB, for Crescent Wealth LLC [2021] customer complaints are not satisfactorily resolved by a
serious misconduct as an approved individual, and QIC (A)5 (on appeal from [2020] QIC (F)12) firm’s internal framework, customers can seek redress
imposed a financial penalty of USD $100,000, a Case No. CTAD0002/2020 (20 June 2021). through an external independent adjudication process,
five-year prohibition from carrying out any function the Customer Dispute Resolution Scheme (CDRS). The
for an authorised firm within the QFC and withdrawal CDRS has been in operation since 2014 and has resulted
of her approval as a Senior Manager. QFC Regulatory Tribunal decisions in a number of successful outcomes for customers.
• Nigel Thomas Howard Perera v Qatar Financial
Mrs James provided incorrect information to the
Centre Regulatory Authority [2021]
QFCRA as part of the FAB investigation, failed to
QIC (RT) 6 (30 December 2021); and
attend interviews in respect of her own investigation
and failed to ensure that FAB’s business operations
• Nazim Omara v Qatar Financial Centre
in the QFC complied with QFC Court orders. Mrs
Regulatory Authority [2021] QIC (RT)4
James’s contraventions were (a) obstructing the
Case 2 of 2011 (12 October 2021).
QFCRA in the exercise of its functions, (b) failing
to act with due skill, care and diligence in relation
to her oversight of FAB’s compliance with the
QFCRA’s requirements, and (c) failing to deal with
the QFCRA in an open and co-operative manner.