Dubai regulator suspends Red Spear Capital

The UAE regulator, the Dubai Financial Services Authority (DFSA), has suspended the licence of Red Spear Capital (DIFC) for one year, it was announced yesterday.

Red Spear had its licence suspended "due to serious concerns about the adequacy of its financial resources," the DFSA said yesterday.

The investment company had manifested its "non-compliance" with local regulations, according to the DFSA.

In a statement the DFSA said: "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."

The regulator said it "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."