Enness DIFC fined over £80,000
The Dubai arm of Enness, Enness DIFC, has been fined $105,000 (£81,175) by the Dubai Financial Services Authority (DFSA) for “engaging in unauthorised activity” outside the scope of its Respresentative Office DFSA Licence.
As a Representative Office, Enness DIFC is only permitted to carry out a narrow set of activities in the DIFC relating to the marketing of mortgage services offered by its head office based in the UK.
An investigation by the DFSA found that between November 2017 and January 2019, Enness DIFC arranged mortgages and provided mortgage advice for its clients.
This was unauthorised in terms of their licence and therefore breached DFSA laws.
Enness DIFC reportedly “fully co-operated” with the DFSA’s investigation, and has sought to obtain an appropriate DFSA Licence.
Furthermore, Enness DIFC also agreed to settle the action at an early stage of the investigation and therefore qualified for a discount under the DFSA’s policy for early settlement.
Mr Bryan Stirewalt, chief executive of the DFSA, said: “This action demonstrates that the DFSA takes the failure by Representative Offices to act within the scope of their licences seriously.
“We expect that all Representative Offices in the DIFC understand what they are authorised to do and have controls in place that ensure they only engage in authorised activities.”