In light of the regulatory action by the UAE Insurance Authority against Holborn Assets, Canaccord Genuity Wealth Management has told International Adviser that it is “keeping the matter under review and looks forward to the conclusion of the regulator’s findings”.
Dubai-based Holborn Assets Insurance Brokers has had its Insurance Authority licence suspended for three months, in a rare case of the regulator taking action over a complaint about what is believed to be the sale of a long-term savings product.
Holborn Assets has entered into an exclusive strategic partnership with Canaccord Genuity to provide discretionary portfolio management services.
Holborn Assets is expanding with a new office in Paphos, Cyprus.
The impact of new regulations and the high cost of operating in Hong Kong prompted international advice firm Globaleye to make the strategic decision last year that its local operation had no “viable future”, says chairman Tim Searle.
Holborn Assets has acquired Globaleye Hong Kong, in a move that sees the Dubai-headquartered advice firm exit the special administrative region.
UAE-based international advice company Holborn Assets has entered the Malaysia market with the acquisition of Kuala Lumpur-based Greenwood Private Wealth Management.
After ceasing all regulated activity in the UK earlier this year, Holborn Assets has been given the greenlight from the Financial Conduct Authority to resume operations and advise on defined benefit (DB) pension transfers.
There has been a 17% increase in the number of UK financial advice firms with regulatory permission to conduct defined benefit (DB) pension transfers over the past financial year, as demand from clients continues to rise.
Holborn Assets is planning to expand across the Middle East and Asia over the next 12 months, while Schroders has created a new sales director role for the Middle East. A Manulife insurance salesperson in Hong Kong has been added to the Guinness Book of World Records for his astonishingly long career.
The Financial Conduct Authority has confirmed that it took action to stop eight UK firms, including deVere and Holborn, conducting and/or arranging overseas pension transfers in the last financial year but has declined to name them all.
Transfers to overseas pensions are likely to become even more complicated following proposals from the Financial Conduct Authority to overhaul pension transfer advice in the UK.
