UAE: Unlicensed firm falsely poses as financial regulator; warning issued

The UAE Securities and Commodities Authority (SCA) has issued a fresh warning after an unlicensed entity using the name Gulf Higher Authority for Financial Conduct was found operating through www.financialgcc.com and falsely claiming to be a financial regulator.

In its notice, the SCA said the outfit is not licensed, has no supervisory mandate, and is unlawfully suggesting it exercises authority over financial activities in the UAE. Investors have been urged to avoid dealing with the entity and to verify the legitimacy of any firm before transferring funds, signing agreements, or sharing personal information.

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The SCA is the federal regulator responsible for licensing, supervising and enforcing conduct across the UAE’s financial markets, including investment firms, brokers, and related service providers. It routinely publishes alerts to help the public identify unlicensed operators and cloned websites. 

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The latest warning follows a similar notice issued on November 19, when the regulator flagged another unidentified operation impersonating Emirates Investment Bank through a cloned website and fabricated documents.

Mazhar Farooqui

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mazhar@khaleejtimes.com

Mazhar Farooqui, or Maz, is a multiple award-winning investigative journalist and Senior Editor at Khaleej Times. Renowned for exposing corruption and uncovering major scams, he is also the author of The Maz Files: Scoops, Scams & Showdowns.