Financial Advisor Question
#1
Financial Advisor Question
For the financial people out there - I've just had a call from ***, who seem to be a part of a larger company most people know of.
He was the usual pushy dickhead who started asking questions why I politely declined his help.
Then he gave a list of people in my company who apparently use them.
Someone who works for me overheard the conversation and told me that the same company called him last week and used me as a reference. Is this legal in the UAE?
He was the usual pushy dickhead who started asking questions why I politely declined his help.
Then he gave a list of people in my company who apparently use them.
Someone who works for me overheard the conversation and told me that the same company called him last week and used me as a reference. Is this legal in the UAE?
#2
Account Closed
Joined: Feb 2011
Posts: 0
Re: Financial Advisor Question
I know someone who sold a list of names to one of these firms just before he left the country. I guess if that had lists of names and numbers from one company then they'd use that as a tactic.
If it's not illegal, it's pretty poor.
If it's not illegal, it's pretty poor.
#3
Hit 16's
Joined: Mar 2010
Location: Of all the gin joints, in all the towns, in all the world, she walks into mine
Posts: 13,112
Re: Financial Advisor Question
There's probably not anything specific, and probably there isn't anything specific about recording telephone conversations either. I would imagine that if one of your other colleagues were to record a conversation if/when they get targetted the authorities might be interested. Unless, of course, someone has some wasta...
#4
Re: Financial Advisor Question
For the financial people out there - I've just had a call from ***, who seem to be a part of a larger company most people know of.
He was the usual pushy dickhead who started asking questions why I politely declined his help.
Then he gave a list of people in my company who apparently use them.
Someone who works for me overheard the conversation and told me that the same company called him last week and used me as a reference. Is this legal in the UAE?
He was the usual pushy dickhead who started asking questions why I politely declined his help.
Then he gave a list of people in my company who apparently use them.
Someone who works for me overheard the conversation and told me that the same company called him last week and used me as a reference. Is this legal in the UAE?
It is only illegal to cold call if the company is regulated by the Central Bank, a ruling that was introduced in 2011.
http://financialuae.me/2011/03/23/th...-cold-calling/
I don't think any of the financial sales companies are regulated by the Central Bank these days. Authorisation is provided to the company by the Ministry of Economy & Commerce and whilst steps are bring slowly introduced to bring in some regulation it is still very limited and more about making sure companies are solvent.
I'll add that there is still no qualification requirement to work as an adviser in the UAE. Too many that have the most basic of exams claim they are qualified. A couple of simple exams is no substitute for professional qualifications. Whilst exams aren't everything, they do give a guide to those who take their work seriously and aren't just about flogging long term savings plans.
Last edited by Meow; Apr 22nd 2014 at 1:24 pm.
#6
Re: Financial Advisor Question
There is a particular company that operates here - they who cannot be named and who have bought another known adviser - that teaches a specific tactic to their sales people (I won't credit them with the title of adviser). When with clients, at the first meeting no less, they ask for 10 names and telephone numbers. They pressurize people to give these and go to the bathroom asking that they be given a list when they get back. I am told, somewhat amazingly, that they aren't generally told to get lost.
#7
Re: Financial Advisor Question
There is a particular company that operates here - they who cannot be named and who have bought another known adviser - that teaches a specific tactic to their sales people (I won't credit them with the title of adviser). When with clients, at the first meeting no less, they ask for 10 names and telephone numbers. They pressurize people to give these and go to the bathroom asking that they be given a list when they get back. I am told, somewhat amazingly, that they aren't generally told to get lost.
#8
Re: Financial Advisor Question
It was not the cold calling I was referring to - more the fact that they are telling people in my office that I am a client of theirs when I'd never even heard of them.
#9
Re: Financial Advisor Question
I faced that tactic, the adviser was very pushy, having been my best new mate for the previous 30 min. I told him wasn’t prepared to recommend him or give him names of anyone else until he’d proved he was any good. Needless to say that didn’t happen.
#10
Re: Financial Advisor Question
For the financial people out there - I've just had a call from ***, who seem to be a part of a larger company most people know of.
He was the usual pushy dickhead who started asking questions why I politely declined his help.
Then he gave a list of people in my company who apparently use them.
Someone who works for me overheard the conversation and told me that the same company called him last week and used me as a reference. Is this legal in the UAE?
He was the usual pushy dickhead who started asking questions why I politely declined his help.
Then he gave a list of people in my company who apparently use them.
Someone who works for me overheard the conversation and told me that the same company called him last week and used me as a reference. Is this legal in the UAE?
Perhaps this is where they are getting the names from in your company also.
#11
Re: Financial Advisor Question
I believe that's immoral, rather than illegal. It might even fall under the definition of defamation, which is illegal here.
#12
Account Closed
Joined: Feb 2011
Posts: 0
Re: Financial Advisor Question
There is a particular company that operates here - they who cannot be named and who have bought another known adviser - that teaches a specific tactic to their sales people (I won't credit them with the title of adviser). When with clients, at the first meeting no less, they ask for 10 names and telephone numbers. They pressurize people to give these and go to the bathroom asking that they be given a list when they get back. I am told, somewhat amazingly, that they aren't generally told to get lost.
Can you imagine how hard my job was pre-linkedin?