Overview

To be effective, a regulatory authority needs a pro-active and dedicated enforcement unit to ensure that unlicensed business activity does not take place, and to exercise powers of remedial action in appropriate cases. The Isle of Man Financial Services Authority's Enforcement Division, through effective investigation and co-operation, has done much to enhance the reputation of the Authority internationally.

Illegal business

The Enforcement Division investigates cases where regulated activity is (suspected of) being carried on by a person who is not permitted to undertake that activity. Such cases are brought to the attention of the Authority through complaints from individuals and information passed to it by overseas authorities, together with pro-active monitoring of possible illegal activities on the Internet.

To carry on, or hold oneself out as carrying on, a regulated activity by way of business in breach of the legislation is a criminal offence, and the Authority has a history of taking robust and swift action against those who breach the legislation. Investigations can proceed in various ways, ranging from the issue of a warning letter to a full criminal investigation resulting in prosecution of the perpetrators.

Before entering into any financial agreements with an Isle of Man incorporated company, or with any company holding itself out as operating from the Island, the Authority encourages all customers to consult the Licenceholders' Register on this website, or to contact Authority staff, who will be pleased to answer your queries.

If you suspect that you are currently dealing with a company that is carrying on a regulated activity (e.g. investment, banking, fiduciary business or money service business) illegally, please contact the Enforcement Division immediately. To assist any investigation, please supply copies of any documentation and information relating to the company or individuals concerned.

Public Information and Warnings

The Authority has powers under the Financial Services Act 2008 to issue a public statement regarding any matters relating to a regulated activity or persons carrying on a regulated activity where the Authority believes it is desirable in the public interest to do so. Information is periodically received from members of the public, financial services companies, and other regulatory bodies, as well as being proactively obtained from the Internet and this frequently results in the issue of Public Warnings.

The Authority is committed to providing useful and relevant material for the information and education of those visiting our site, and to protect the reputation of the Isle of Man. The Public Warnings issued by the Authority often relate to false claims of Isle of Man connections being made by suspected bogus entities, and are intended to alert the public to the dangers of entering into a business arrangement with them. The Authority distributes its Public Warnings to as many relevant international sites and/or bodies as possible. This is with a view to being more effective in warning the public globally of the associated dangers of dealing with these bogus entities.

Please contact the Enforcement Division if you have any queries. Click here for details of current Public Warnings.