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09 January 2020
REGULATION

DFSA fines Morgan Gatsby AED 900,000 for non-compliance

The regulator previously suspended Morgan Gatsby’s licence in November 2018 due to concerns regarding the firm’s non-compliance with its legislation.

DFSA has no tolerance for recalcitrant firms that continue to breach its legislation/Shutterstock

by Kudakwashe Muzoriwa

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.


RELATED STORIES: Dubai Financial Services Authority Morgan Gatsby non-compliance

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