Doha: The Qatar Financial Centre (QFC) Regulatory Authority yesterday announced that it has issued the International Financial Services (Qatar) LLC (IFSQ) (QFC No. 00109) with a First Supervisory Notice pursuant to Article 31 of the Financial Services Regulations on September 17, 2020.
IFSQ is an authorised firm at the QFC, and it is permitted to conduct insurance mediation.
With immediate effect, the Supervisory Notice prohibits IFSQ from conducting business or providing services for any new customers. The Supervisory Notice does not prohibit IFSQ from providing the services it currently provides with respect to its existing customers’ policies.
The Regulatory Authority took this action because IFSQ has failed to satisfy the Regulatory Authority in respect of its fitness and propriety.
The Regulatory Authority cannot disclose further information at present due to its ongoing investigation of IFSQ’s business practices.
The action has been recorded on the public register on the QFC Regulatory Authority’s website.
