Beware Financial Services UAE

A while ago there was a thread posted on here about financial services here in the UAE. I made a very quick reply as to my not so great experience with a certain company over here.

To make a long story very short, I became friends with a guy I play golf with and basically trusted him to do the right thing.
Turns out he sold me something totally unsuitable both for my age and my needs, to the point after investing for nearly 2 years I am now looking at writing off nearly $15,000 as to put any more money in would only compound this issue.

Maybe because of my experience I am very suspicious of pretty much any ‘Independent” financial advisor simply because it’s my hard earned money and their motivation really is the commission they earn..not a great mix.

Also, unlike the UK or the US, the regulations over here are really not the same, these people get away with blue murder and as I’ve found to my cost, even when an issue is elevated to their senior management with clear evidence, they basically couldn’t care less.

So be careful who you chose, check everything (one thing I failed to do), We are all here for pretty much one reason and that’s to save cash, don’t let these mercenaries play with your money as they see fit, especially those who  masquerade as a friend, probably the worst and costliest mistake I have made.

I won’t mention the company by name, (I would hate to get into trouble) but anyone care to PM me, I’ll gladly fill in the blanks

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