Dubai-based Insight Discovery's Nigel Sillitoe has warned that an investment company claiming to generate phenomenal returns for investors over the past 10 years is not regulated either in the UAE or by another other regulator outside the UAE.
In a linkedIn comment, consultancy founder and CEO Sillitoe said: "Flew with Emirates Airlines the other day, as always a great experience. Only disappointment was seeing an advert from a ‘leading investment company' which had been generating phenomenal returns for its investors over the past +10 years.
"This firm hasn't been in existence for this period, what's worse is that they aren't regulated either in the UAE or by any other regulator outside the UAE."
Sillitoe added: "Begs the question, when will advertisers take responsibility and conduct due diligence on companies to stop investors being taken in by false claims.
"Feel sorry for the owners of regulated advisory firms which have taken the time and money to be regulated by either the Securities and Commodities Authority, Dubai Financial Market, regulator to the DIFC, or the Central Bank of the UAE."
He further said: "Many of these business owners must constantly ask themselves why be regulated when so many unregulated firms can get away operating illegally, with the money saved by not being regulated instead going on flashy adverts and social media campaigns.
"High time advertisers only ran campaigns from regulated firms."
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