The UAE Securities and Commodities Authority (SCA) has issued a new alert regarding an unlicensed entity called the Gulf Higher Authority for Financial Conduct, found operating via www.financialgcc.com while falsely claiming regulatory authority.
The SCA clarified that this entity lacks a license, holds no supervisory powers, and illegally implies it oversees financial activities in the UAE. Investors are advised to steer clear of this entity and ensure a firm’s legitimacy before transferring money, signing contracts, or sharing personal details.
The SCA, as the federal regulator, is tasked with licensing, supervising, and enforcing regulations across the UAE’s financial markets, including investment firms, brokers, and related services. It regularly issues alerts to help the public identify unlicensed entities and fraudulent websites.
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This latest warning comes after a similar announcement on November 19, where the authority highlighted another operation impersonating Emirates Investment Bank using a cloned website and fake documents.
