Training and Competence
The Isle of Man has been recognised internationally as a jurisdiction with a robust and effective regulatory environment. A cornerstone of this environment is the knowledge and experience of those individuals working within the financial services sector. The primary responsibility for ensuring that a business is staffed and supported by competent individuals rests with that business.
Individuals undertaking certain key roles for licenceholders are already required to demonstrate to the Isle of Man Financial Services Authority (“the Authority”) that they have the necessary competence to undertake that role as part of the Authority’s “Fit and Proper” person criteria. The Authority’s Licensing Policy for Regulated Activities under the Financial Services Act 2008 (“licensing policy”) gives guidance on the “fit and proper” test, which is both an initial requirement applying to licence applicants and a continuing obligation on licenceholders.
The Training and Competence Framework sets out the Authority’s detailed expectations of its licence applicants, licenceholders and their staff in relation to ongoing training and competence, and should be read in conjunction with the competence requirements in the licensing policy referred to above. The framework is split into two distinct segments:
PART 1 General Training and Competence Requirements – What the Authority expects of licenceholders in relation to the training and competence of all staff; and
PART 2 Key Persons – Training and Competence – the additional expectations applicable to individuals undertaking or aspiring to key roles.
When applying the competence framework, a licence applicant/holder should consider the specific risks and needs of its business.