Abu Dhabi regulator issues Rothschild Gulf Investment Bank scam alert

The Financial Services Regulatory (FRSA) Authority of Abu Dhabi Global Market (ADGM), the emirate’s new international financial centre, has issued a statement denying claims made by Rothschild Gulf Investment Bank and warned against interacting with the company.

In a release carried by UAE news agency WAM, the FRSA said it was seeking to alert the financial services community and the public regarding the firm, which claimed to maintain private offices in ADGM to provide financial services.

“This claim has now been removed from its website. RGIB has not been granted a Financial Services Permission as an Authorised Person or be an Exempt Person and is not an entity with any presence both legally and physically with ADGM,” the statement on WAM said.

“The FSRA is concerned that RGIB is misrepresenting itself. Furthermore, it adds that such misrepresentations may be linked to other illegal activities.”

The authority said the market and investors should be aware or cautious of Rothschild Gulf Investment Bank or persons purporting to be acting for it and to “under no circumstances” transfer or send money or assets to the entity.

A posting believed to be from the firm on the Dubaiclassified.com site advertises a private banking sales specialist position requiring the applicant to work from home.

“The PBSS shall provide an update to his or her direct supervisor each day, but shall not be required to attend a daily meeting or to spend time in an office,” according to the job advertisement, which requires applicants to sell Dhs500,000 ($136,000) of products during a 30-day evaluation period with a 1 per cent commission rate.