The Dubai Financial Services Authority (DFSA) today hosted The Right Honourable the Lord Mayor of the City of London, Alderman Charles Bowman at an event jointly organised with the Institute of Chartered Accountants in England and Wales (ICAEW). The event enhances the long-standing relationship between the DFSA, the City of London and the UK’s financial services community and forms part of the Lord Mayor’s tour to promote economic relationships with the Gulf.

The Lord Mayor delivered a keynote speech at the event, which was entitled: “Understanding the Impact of Technology in Audit and Finance” where he spoke on the future of the City of London post-Brexit, the commitment to a strong and strengthening strategic partnership with the UAE and FinTech. 

Mr Ian Johnston, Chief Executive of the DFSA, said: “We are delighted to host the Lord Mayor of the City of London, Charles Bowman. Today’s event builds upon the already strong relationship between the DFSA and our regulatory counterparts in the UK, with whom we share supervisory oversight of some 70 UK based financial institutions  operating in the DIFC.”

Firms headquartered in the UK continue to form an important part of the DFSA’s regulated population. The DFSA has had memoranda of understanding with UK regulators for over a decade.  These arrangements with the UK Financial Conduct Authority, the Bank of England and previously the Financial Services Authority formalise cooperation and information sharing between the authorities. In 2016, the DFSA entered into a Framework for cooperation with Lloyd’s of London to promote efficient and effective flow of information between the bodies.

Michael Armstrong FCA, ICAEW Regional Director for the Middle East, Africa, and South Asia (MEASA), said:“We are delighted to once again partner with DFSA and the City of London on such a prestigious event and to welcome one of our own members, The Right Honourable the Lord Mayor of the City of London, Alderman Charles Bowman to discuss a topic that is of extreme importance not only to the future of the profession but to the future of global economies.”

The session was moderated by Anthony Hobeika, CEO, MENA Research Partners. Other speakers at the event included: Marcus Freeman, CFO, Chalhoub Group, Steven Drake,  Partner, Middle East Leader, Risk Assurance and Capital Markets and Accounting Advisory Services, PwC, Khurram Siddiqui, Partner, Global Robotics Leader and MENA Digital Leader, Financial Accounting Advisory Services, EY, Hisham Farouk, CEO and Global Board Member, Grant Thornton.

The event was targeted at DFSA Registered Auditors and ICAEW members and other stakeholders. and was attended by over 100 delegates.