There’s a new UAE regulator in town and it’s set to shake-up banker behaviour

Investment banks, wealth managers, asset managers and brokers in the UAE are now being watched over by a new organisation designed to oversee the culture and behaviour of those working in the sector. What can you expect to happen?

The Financial Services Association UAE (FSA) is designed to sit alongside the Emirates Banks Association, which focuses largely on retail and commercial banks, and promote the interests of the financial sector in the region.

In an interview with the National, Farah Foustok and Arwa Hamdieh – founders of the FSA – outline what it has planned in the next few years. One thing is a code of conduct for financial advisers and wealth managers working in the UAE and it’s also set to consult with the Securities and Commodity Authority over the new regulations around the mutual fund industry in the region.

It’s also looking to stamp out the “greed is good” mentality in the sector, which emerged as a result of a “back seat” approach to financial regulation, says Foustok.

“We believe that going back to basics is the wisest approach to heal the wounds of the industry. And re-instilling the culture of client centricity, best practice and good business ethics are the most cost effective ways to sustain growth in the industry in the long run,” she said.