The Dubai Financial Services Authority (DFSA) has issued a warning about Cartwright & Brown Wealth Advisory as the wealth manager claims to be based in the DIFC.
Cartwright & Brown claims that it is located at Office 2001, Level 20, South Tower, Emirates Financial Towers, Dubai International Financial Centre (DIFC). "Cartwright & Brown is not located in the DIFC. The above mentioned address is the address of a legitimate DFSA Representative Office that has no connection to Cartwright & Brown," the DFSA said in a statement.
The regulator added that Cartwright & Brown is not authorised by the DFSA, and does not hold a commercial licence to operate in the DIFC from the DIFC Registrar of Companies. "The DFSA strongly advises consumers not to respond to Cartwright & Brown, and also warns against sending money to Cartwright & Brown."
The DFSA strongly advises consumers not to respond to Cartwright & Brown"
The DFSA's alert follows a warning issued by the UK Financial Conduct Authority on its website.
In a statement the FCA said: "We believe this firm has been providing financial services or products in the UK without our authorisation."
It warned the public to be "especially wary of dealing with this unauthorised firm."
It added: "…some firms act without our authorisation and some knowingly run investment scams. This firm is not authorised by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorisation."
Cartwright & Brown's website claims the firm has been in business since 1994 and offers "financial planning advice and investment advice (or wealth management' advice as it is also called), to individuals, charities, trusts and companies."
In the introduction to the firm on its website it says: "Welcome to Cartwright & Brown Wealth Advisory. Cartwright & Brown is a unique, nationwide panel of Independent Financial Advisers who believe in doing the complete opposite to most financial advisers. We don't focus on selling financial products. Instead we focus on providing advice that helps you get and keep the life you want."
The Cartwright & Brown website does not appear to list any regulatory body for the business.