QFC licensee agrees to comply with regulator’s training norms

The Qatar Financial Center (QFC) Regulatory Authority Tuesday announced that one of its licensed firms has promised to comply with its training and competency programme as per the Authority’s requirements following an investigation. In a media statement the Regulator said, “The QFC Regulatory Authority has accepted an enforceable undertaking from The Royal Bank of Scotland (RBS QFC) to establish a remedial action plan to ensure future compliance with its training and competency requirements.” The undertaking follows an investigation by the QFC Regulatory Authority which found that RBS QFC’s programme for ensuring the training and assuring the competency of its QFC branch staff did not meet the requirements of the QFC Regulatory Authority. Speaking to Qatar News Agency (QNA), QFC Regulatory Authority Head of Corporate Communications Felicity Glennie-Holmes said “The enforceable undertaking is a gentlemen’s understanding which means the RBS (QFC) will improve its training and competency programme as per the Authority’s requirements.” If RBS QFC fails to comply it is liable to face further action from the Authority, she added and refused answer when the Authority had started the investigation, saying the information is confidential. RBS QFC programme was deficient in a number of material respects and it fell short of the standards expected of authorised firms, the Authority said, and added the firm “cooperated fully with the QFC Regulatory Authority and agreed to pay the costs of the investigation which is now concluded”.