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QFCRA takes action against IFSQ

QFCRA takes 
action against IFSQ

Tribune News Network
The QFC Regulatory Authority (QFCRA) issued International Financial Services Qatar (IFSQ) with a first supervisory notice pursuant to Article 31 of the Financial Services Regulations on September 17, 2020. IFSQ is an authorised firm in the Qatar Financial Centre (QFC) and it is permitted to conduct insurance mediation.
The supervisory notice prohibits IFSQ from conducting business or providing services for any new customers with immediate effect. The supervisory notice does not prohibit IFSQ from providing the services it currently provides with respect to its existing customers’ policies.
The regulatory authority took this action as IFSQ failed to satisfy it in respect of its fitness and propriety. QFCRA cannot disclose further information at present due to its ongoing investigation of IFSQ’s business practices. The action has been recorded on the public register on the regulatory authority’s website.