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10-5-3

The DFSA considers that if a firm name includes the word "bank" this can be misleading if the business does not, in fact, have the appropriate licence to carry out any banking activities. It may also mislead actual or potential clients about the quality and quantity of the firm's financial resources. The word "bank" also suggests that the firm may benefit from the protections afforded to banking customers by a depositor protection scheme or an express or implied government guarantee.

Derived from Notice of Updates (Made 14th July 2015). July 2015 Edition