A report said regulators formally flagged worries about the firm's conduct last April.

Morgan Gatsby Ltd, a financial services group providing services including wealth management, has been suspended from operating in Dubai by the local regulator because of “serious concerns” on a number of failings, local media reports said.

The licence has been suspended by the Dubai Financial Services Authority, the regulator for the Dubai International Financial Centre, the local jurisdiction.

The suspension is for 12 months, according to www.arabianbusiness.com. WealthBriefing has contacted the DFSA and the firm for comment; it had not received a reply at the time of going to press. The Morgan Gatsby website, which is still working, made no reference to the matter on its homepage.

The DFSA said that its action is "consistent with its aim to protect direct and indirect users of the financial services industry in the DIFC". It reportedly added that MGL’s licence was suspended due to "serious concerns related to the adequacy of its human and financial resources, its non-compliance with DFSA rulebook requirements, and its failure to deal with the DFSA in an open and cooperative manner". The report did not elaborate on specifics.

The firm describes itself as a “Dubai-based financial services group”. “We offer investment banking, private wealth management and corporate advisory services to a wide range of clients, including high net worth individuals, family offices and small to medium-sized businesses,” it says. Morgan Gatsby is part of Essel Group, an international firm focused on natural resources, nuclear power, trading and education. It has offices in Africa, Europe and Middle East.

Bryan Stirewalt, chief executive of the DFSA, was quoted saying: “The DFSA will take immediate action to ensure the interests of its clients and the DIFC are protected. We will not hesitate to suspend a firm that repeatedly fails to comply with our regulatory requirements and also fails to deal with us in an open and cooperative manner. The DFSA is committed to protecting the investors’ interests as well as the reputation and integrity of the DIFC’s financial services.”

The report added that the DFSA formally brought its concerns to MGL’s attention in April last year and the regulator said that MGL failed to address the concerns to the DFSA’s satisfaction.