Update to Licensing Policy for Regulated Activities under the Financial Services Act 2008 and Training and Competence

Published on: 04 January 2022

The Isle of Man Financial Services Authority (‘the Authority’) has updated its Licensing Policy for Regulated Activities under the Financial Services Act 2008 with effect from 1 January 2022.

The main changes are listed below and apply to existing licenceholders as well as applicants:

1.1.4 – clarification that resources must be such that duties can be appropriately separated
2.4.2 – removing a matter from the standard licence conditions for companies incorporated under the Companies Act 2006, because that legislation has now been updated to require the item, making that part of the condition superfluous
2.7.5 / 2.7.6 – clarifying that a Credit Union cannot be established as a branch
2.8.6 – (links to 1.1.4) – provision of more detail regarding staffing expectations for applicants, and up-front mention that we may require applicants to take on external support or additional staff
3.2.1 – (links to 1.1.4 and 2.8.6) – removal of the “too small to do so” provision, as the separation of duties is important in all firms
3.2.1 – amending role name from Compliance Officer to Head of Compliance to reflect the current terminology for that Controlled Function in the Rule Book

Furthermore, the Training and Competence Framework has been updated to reflect an update to the name of a qualification body.