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.
DFSA takes action after involvement in DIFC firm
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.