The Dubai Financial Services Authority (DFSA) has fined Morgan Gatsby around AED 900,000 ($246,000) for breaching the regulator’s legislation.

Bryan Stirewalt, the Chief Executive of the DFSA, said, “Morgan Gatsby has had a history of not complying with the legislation administered by the DFSA, even after the DFSA warned the firm of its concerns.”

DFSA said that if it was not for the settlement discount, the regulator would have imposed a fine of around AED 1,3 million. Morgan Gatsby agreed to settle the action at an early stage of the investigation and qualified for a discount under the DFSA's policy for early settlement.

“The DFSA has no tolerance for recalcitrant firms that continue to breach the DFSA’s legislation, despite repeated warnings,” added Stirewalt.

© 2019 CPI Financial. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.