Page 96 - Annual Report 2017

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ENFORCEMENT Consumer protection

Enforcement matters A central role for any international financial centre is appropriate,
Regulation in action The Enforcement department focused in 2017 on a range of mat- effective and timely consumer protection. During the year, the
ters including a significant investigation into potential misconduct Regulatory Authority acted on a number of occasions to protect
of an authorised firm. The investigation considered issues in relation the public.
The Regulatory Authority has a dedicated and focused Enforce- to the firm and its senior staff. The potential breaches related to a
ment department. It is responsible for all enforcement functions of broad spectrum of client and governance issues and the absence The Regulatory Authority took swift action to shut down a website
the Regulatory Authority and it has statutory powers to investigate of compliance with the Anti-Money Laundering and Combating and issue a warning to investors and consumers in Qatar about a
and discipline firms and individuals that breach the QFC’s regula- Terrorist Financing Rules 2010. Enforcement action will continue into purported investment fund claiming to operate in Qatar and falsely
tory requirements. 2018. claiming it was authorised by the Regulatory Authority and licensed
by the QFC Authority.
Enforcement plays a fundamental role in continuing to ensure Unlicensed insurance intermediaries
the Regulatory Authority is an effective regulator delivering strong providing financial advice Authorised firms were also advised to check for website cloning by
and transparent enforcement outcomes. Disciplinary sanctions conducting regular internet searches of their business name, head
available include prohibition, withdrawal of approval and finan- The Regulatory Authority is committed to maintaining the highest office addresses and key employee names.
cial penalties. The Enforcement Policy Statement sets out a clear standards in the QFC and addressing conduct which may cause
process for enforcement actions that supports the Regulatory damage to the reputation of the QFC.
Authority’s objectives and protects and enhances the integrity of Financial Services Regulations:
the QFC regulatory environment. The Enforcement department continued to identify the activities of
unlicensed insurance intermediaries providing financial advice in
the State of Qatar. The department continues in its support of the Regulatory Objective: Article 12 (3)(E)
objectives of the Strategic Plan for Financial Sector Regulation to “…the provision of appropriate protection to those
Financial Services Regulations: address the regulatory gaps that allow unlicensed intermediaries licensed to carry on business at the QFC and their
to operate. The Enforcement department has maintained a close
Regulatory Objective: Article 12 (3)(D) working relationship with other Qatari regulators and is working to clients or customers.”
enhance the regulatory safeguards to tackle this issue.
“…the prevention, detection and restraint of
conduct which causes or may cause damage • Check the Regulatory Authority website public
to the reputation of the QFC, through appropri- register tab at www.qfcra.com to know if the finan-
ate means including the imposition of fines and cial services firm you are dealing with is authorised
other sanctions.”
in the QFC

• As a retail client or individual customer of a QFC
authorised firm you have access to the Customer
Dispute Resolution Scheme