This week the tactics of rogue financial advisers, who mislead clients and misappropriate their life savings, are once again under the spotlight. The victims of Neil Grant, convicted last month of operating his business without a licence, have taken their case to Dubai Civil Court to reclaim their money, setting a new precedent that will hearten many victims. Ahead of strict incoming regulations, the landmark case is another clear sign to unscrupulous independent financial advisers that there are consequences to their actions. The UAE is establishing a benchmark for regulated financial advice in this region. Nonetheless, loopholes will remain until regulations are introduced. In the meantime, investors need to carry out their due diligence to ensure they don't fall victim to investment plans that promise big returns and never deliver or worse still are effectively rendered worthless by their high fees and punitive exit clauses.
Mr Grant gave advice to his clients without a licence. But there are also some licensed IFAs who defy the wishes of their more cautious investors, selling them extremely high-risk products. The practice is not unique to this country, nor is it endemic, but it has been a problem. Thankfully the sun is now setting on the rogue traders who were entirely focused on their own material gains.
Until it does, the usual rules regarding "buyer beware" apply. Many residents have large disposable incomes but lack understanding of financial intricacies. Some sign up for long-term plans of up to 25 years in the knowledge that neither they, nor their IFA, will still be in the country when the plan matures. In such a market, rogue advisers can thrive, charging huge fees that eat away at any gains their clients might accrue. Because high-risk plans offer hefty commissions for IFAs, there is an incentive to pump their clients’ money into such plans. It should also be said that there are plenty of honest, hard-working advisers, but too many of us know people who have fallen victim to the malicious few.
Incoming regulations will numb the pain. Proposals from the Insurance Authority and the UAE Central Bank, due later this year, will set limits on commissions and force consultants to clearly outline charges. They cannot come soon enough. Nevertheless, the regulations will only apply to plans written after they take effect. With loopholes still open, it is incumbent on investors to do their homework. This newspaper has long promoted financial literacy in this country. Investors need to scrutinise contracts and check licences to ensure they are not preyed upon by people like Mr Grant.
Mumbai Indians 213/6 (20 ov)
Royal Challengers Bangalore 167/8 (20 ov)
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
Match info
Karnataka Tuskers 110-3
J Charles 35, M Pretorius 1-19, Z Khan 0-16
Deccan Gladiators 111-5 in 8.3 overs
K Pollard 45*, S Zadran 2-18
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%3Cp%3E%3Cstrong%3ECreator%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStreaming%20on%3A%20%3C%2Fstrong%3EMBC%20Shahid%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2.5%2F5%3C%2Fp%3E%0A
RESULTS
Dubai Kahayla Classic – Group 1 (PA) $750,000 (Dirt) 2,000m
Winner: Deryan, Ioritz Mendizabal (jockey), Didier Guillemin (trainer).
Godolphin Mile – Group 2 (TB) $750,000 (D) 1,600m
Winner: Secret Ambition, Tadhg O’Shea, Satish Seemar
Dubai Gold Cup – Group 2 (TB) $750,000 (Turf) 3,200m
Winner: Subjectivist, Joe Fanning, Mark Johnston
Al Quoz Sprint – Group 1 (TB) $1million (T) 1,200m
Winner: Extravagant Kid, Ryan Moore, Brendan Walsh
UAE Derby – Group 2 (TB) $750,000 (D) 1,900m
Winner: Rebel’s Romance, William Buick, Charlie Appleby
Dubai Golden Shaheen – Group 1 (TB) $1.5million (D) 1,200m
Winner: Zenden, Antonio Fresu, Carlos David
Dubai Turf – Group 1 (TB) $4million (T) 1,800m
Winner: Lord North, Frankie Dettori, John Gosden
Dubai Sheema Classic – Group 1 (TB) $5million (T) 2,410m
Winner: Mishriff, John Egan, John Gosden
Bharat
Director: Ali Abbas Zafar
Starring: Salman Khan, Katrina Kaif, Sunil Grover
Rating: 2.5 out of 5 stars
Dengue%20fever%20symptoms
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Mia Man’s tips for fermentation
- Start with a simple recipe such as yogurt or sauerkraut
- Keep your hands and kitchen tools clean. Sanitize knives, cutting boards, tongs and storage jars with boiling water before you start.
- Mold is bad: the colour pink is a sign of mold. If yogurt turns pink as it ferments, you need to discard it and start again. For kraut, if you remove the top leaves and see any sign of mold, you should discard the batch.
- Always use clean, closed, airtight lids and containers such as mason jars when fermenting yogurt and kraut. Keep the lid closed to prevent insects and contaminants from getting in.
Company profile
Company name: Suraasa
Started: 2018
Founders: Rishabh Khanna, Ankit Khanna and Sahil Makker
Based: India, UAE and the UK
Industry: EdTech
Initial investment: More than $200,000 in seed funding
North Pole stats
Distance covered: 160km
Temperature: -40°C
Weight of equipment: 45kg
Altitude (metres above sea level): 0
Terrain: Ice rock
South Pole stats
Distance covered: 130km
Temperature: -50°C
Weight of equipment: 50kg
Altitude (metres above sea level): 3,300
Terrain: Flat ice
The biog:
From: Wimbledon, London, UK
Education: Medical doctor
Hobbies: Travelling, meeting new people and cultures
Favourite animals: All of them
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
SPECS
%3Cp%3EEngine%3A%20Supercharged%203.5-litre%20V6%0D%3Cbr%3EPower%3A%20400hp%0D%3Cbr%3ETorque%3A%20430Nm%0D%3Cbr%3EOn%20sale%3A%20Now%0D%3Cbr%3EPrice%3A%20From%20Dh450%2C000%0D%3Cbr%3E%3C%2Fp%3E%0A
More from Mohammed Alardhi
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