DFSA restricts ex-SVS Securities CEO from financial activity in the DIFC

Dubai: The Dubai Financial Services Authority has restricted Kulvir Virk, former chief executive of the UK-based fund manager SVS Securities PLC, from conducting any financial services activity in or from the Dubai International Financial Centre. The decision follows enforcement action by the UK Financial Conduct Authority, which found Virk unfit to hold a position in regulated financial services.

In June 2024, the FCA fined and prohibited Virk after determining that he had failed to act with integrity and to exercise due skill, care and diligence in his role at SVS. The regulator concluded that his conduct posed a risk to consumers and to the wider financial system.

The DFSA said that in November 2024, it became aware that Virk had been involved in managing a firm authorised within the DIFC. The regulator responded by imposing the restriction to preserve confidence in the centre’s financial ecosystem and ensure the continued protection of market participants.

The authority stated that maintaining the reputation and integrity of the DIFC remains a central focus of its regulatory mandate. The decision highlights the DFSA’s willingness to intervene when individuals sanctioned in other jurisdictions attempt to engage in regulated activity under its supervision.

“The DFSA’s role as the regulator of financial services in the DIFC includes ensuring that there are high standards of integrity and fair dealing,” said Alan Linning, Head of Enforcement at the DFSA. “We will continue to take action to ensure that those carrying out regulated functions in our market are appropriate and that these high standards are maintained.”

The DFSA said the restriction took effect immediately. The decision forms part of the regulator’s broader strategy to strengthen oversight and align with leading international compliance norms.