The Dubai Financial Services Authority (DFSA) announced that it has suspended the licence of Red Spear Capital (DIFC) Limited (Red Spear) for a period of 12 months, consistent with its aim of protecting direct and indirect users of the financial services industry in the DIFC.

Red Spear’s licence was suspended due to serious concerns about the adequacy of its financial resources, its non-compliance with the DFSA rulebook requirements and not maintaining an open relationship with the DFSA.

The DFSA is committed to protecting the reputation and integrity of the DIFC’s financial services and will take action to ensure the interests of direct, indirect, and prospective users of financial services in the DIFC are protected.  The DFSA regularly reminds firms of their requirement to maintain adequate financial resources at all times, and of the importance of dealing with the DFSA in an open and cooperative manner.