A civil court-appointed financial expert in Dubai has found an unlicensed financial adviser liable for his client losing hundreds of thousands of dirhams.
If the judge agrees with the findings, then British national Neil Grant will be open to even more claims from his clients that lost money, The National reported.
According to financial expert Reem Al Nuaimi, Grant is liable for the AED285,900 (around US$78,000) in losses incurred by client Amber Waheed, due to providing financial advice without a licence since 2015.
Grant, who operated a financial advisory under the name Prosperity Offshore Investment Consultants, was found guilty in 2017 for operating the firm without proper registration credentials, and was fined AED2,000.
According to clients, Grant promised a 12% annual profit on their investments, but failed to deliver. Grant’s lawyers denied any wrongdoing on his behalf, and have until November 14 to appeal the coming decision.
This case is part of a clean-up of the financial sector initiated by the UAE Insurance Authority in 2016, due to rampant mis-selling of financial products. However, the regulator still cautions the public against investing in fly-by-night firms and to instead conduct due diligence, such as making sure the firm they are dealing with is licensed, before initiating any business.
