The Financial Services Authority has issued administrative Decision No. 20/205 suspending some activities of Financial Corporation Company (SAOG) permanently and issued compulsory instructions to the company.

The move was made to enhance compliance and ensure the integrity of the financial markets

The decision was issued for breaching the Securities Law and the Executive Regulation of the Capital Market Law No. 1/2009 for failing to adjust its situation in accordance with Decision No. 5/2024 as well as failing to comply with the instructions issued by FSA on August 25,2024.

Accordingly, FSA suspended the company from carrying out the brokerage activity, marketing non-Omani securities and research and advice activity permanently. The decision also included obliging the company to take a set of procedure within not more than three months from the date of the decision. The company was directed to deal with all the complaints filed by the consumers and enable them disposition of their portfolios, further to instructing the company to restructure the internal control systems to ensure compliance with the regulations and appoint qualifies staff to assume responsibilities.

FSA emphasizes it will continue implementing the regulations governing the financial markets and will take all necessary actions to ensure full compliance with the laws to enhance investors’ confidence and financial market’s stability.