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Update by user Apr 01

With thanks and permission from Pensionlife.

Original review posted by user Apr 01

Following the miss-selling of New Earth fund by Holborn Assets, I undertook some research, as follows:

UAE Insurance Authority. Licence number 180.Having a licence granted by the IA means that the company has been set up in accordance with their rules.

Pension Life:

Holborn Assets had their licence suspended due to a contract lawyer client working for a firm in Dubai who was advised by financial adviser Joe Capaldi to place his investments in an RL360 insurance bond resulting in a loss of 500,000 GBP and the subsequent successful complaint to the IA.

Holborn Assets has issued an email to all advisers informing them that all future business will be conducted through the Bahamas office until this situation is resolved.

Their licence was re-instated after one month. Wonder why.

Dubai Economy Commercial Licence. Licence number 561405

A licence required to run any commercially run company within Dubai.It is not a regulatory body. Holborn is registered on the insurance broker list, not as financial advisers.

Dubai Financial Services Authority. NOT LICENCED

Only operates within the free zone called the Dubai International Finance Centre. "Proudly enforcing financial regulation as within the UK."

Holborn Assets is not situated within the Free Zone and therefore has no need to be licenced.

The financial adviser allocated to me was self-employed, ferile, and could thus recommend funds from other sources, as he did do. Interestingly, he was listed as a vice-president of Holborn at the time!

A UK based adviser has to have commercial indemnity insurance. This is not required in Dubai in the case (as above) of Holborn Assets.

It is unfortunate that one bad apple can tarnish the high reputation of the UAE.

Good advice from a Dubai resident...... "If you are contacted by Holborn Assets, run away as fast as your legs can go"

User's recommendation: Don't.

Monetary Loss: $88.

Preferred solution: Full refund.

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