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Any company in the financial services sector has to balance the demands of their clients who seek flexibility and income generation with the governance requirements of the respective regulator. By operating within compliance boundaries, while also creating facilities that meet the client’s needs, new product or service offerings can operate safely. This is a position that we felt we had reached at La Tresorerie with our procedures. No objections were raised to what we perceived as clearly documented procedures by any of our consultants or the regulators. We are certainly disappointed by the decision of the DFSA.
No clients of La Tresorerie lost any money. No accusations of fraud or wrong-doing took place. Ultimately, the manner of the DFSA inquiry with their selective choice of witness testimony, failure to consider the role of compliance officers whose opinion we depended upon, and scope of their proceedings, does not meet fair standards.
Gilles Rollet
27th January 2022
