Dubai regulator fines director $240,000 over unauthorised financial services activity

Mark Battersby
clock • 2 min read

The Dubai Financial Services Authority today (6 July) continued its growing enforcement activity imposing a hefty fine of $240,000 on director Stuart Coles and censuring three related companies of which he was the sole owner and director. The Decision Notices cited the three firms as Coworth Fintech Ltd, Coworth Investments Ltd, which had a trading address and registered office in the UK, and Novus Fintech Ltd. Coles was barred from any activity related to the provision of financial services "in or from the DIFC". He also cannot hold office in or be an employee of any authorised perso...

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