Enforcement Action
- We intervene at an early justified stage in issues to help prevent unacceptable risks crystallising
- We seek to understand, collaborate and follow a reasonable path of remediation to achieve the right outcomes.
- Enforcement is pursued where proportionate, reasonable and appropriate.
Where a lack of fitness and propriety is demonstrated or where we have serious concerns about regulatory failings we will consider whether enforcement action is appropriate.
If an investigation by the Authority is commenced, this may lead to enforcement action being taken against regulated/designated entities or individuals. As part of its commitment to further develop its culture of constructive, open and transparent engagement with industry and other key stakeholders, the Authority has published its Enforcement Decision-Making Process (the “EDMP”). The EDMP clearly sets out the staged process which the Authority will follow in most enforcement cases. The specific enforcement powers to which the EDMP applies are listed in the EDMP document.
In addition to explaining the decision-making process, the EDMP also introduces for the first time in a public document the concept of settlement in the Authority’s enforcement cases. The Authority encourages regulated entities and individuals to be open and honest when addressing regulatory failings.
The EDMP is available to view here.
In taking any enforcement action, the Authority will always be mindful of its regulatory objectives which are:-
- securing an appropriate degree of protection for policyholders, members of retirement benefits schemes and the customers of persons carrying on a regulated activity;
- the reduction of financial crime; and
- the maintenance of confidence in the Island’s financial services, insurance and pensions industries through effective regulation, thereby supporting the Island’s economy and its development as an international financial centre.
Discretionary Civil Penalties
Various Acts overseen by the Authority enable the Authority to require a current or former licenceholder to pay a penalty for any contravention of the Act or any prohibition or requirement imposed under the Act. The Financial Services (Civil Penalties) Regulations 2015 came into effect on 1 August 2015, regulation 5 of which provides a framework for the imposition of discretionary civil penalties upon current and former licenceholders for serious contraventions of the Act or any prohibition or requirement imposed under the Act.
A decision to impose a discretionary civil penalty will be made by the Authority in accordance with the EDMP. The Authority has published a Guidance Note to provide additional information on the operation of the discretionary civil penalties regime.
Log of discretionary civil penalties
Name | Gross amount of penalty imposed | Net amount of penalty imposed | Press release | Date of Press Release | Brief description | Applicable legislation | Applicable regulations |
IQ EQ (Isle of Man) Limited
|
£877,155 |
£614,009 |
Yes |
06/12/2024 |
See press release |
s.157 (2ZA) Proceeds of Crime Act 2008
s.68 (2ZA) Terrorism and Other Crime (Financial Restrictions) Act 2014 |
Anti-Money Laundering and Countering the Financing of Terrorism (Civil Penalties) Regulations 2019 |
HSBC Bank PLC, Isle of Man Branch |
£419,900 |
£293,930 |
26/11/2024 |
See press release |
s.16 Financial Services Act 2008 |
Financial Services (Civil Penalties) Regulations 2015 |
|
Capital International Limited ('CIL') |
£170,851 |
£119,596 |
12/09/2024 |
See press release |
s.157 (2ZA) Proceeds of Crime Act 2008
s.68 (2ZA) Terrorism and Other Crime (Financial Restrictions) Act 2014 |
Anti-Money Laundering and Countering the Financing of Terrorism (Civil Penalties) Regulations 2019 |
|
The Royal Bank of Scotland International Limited |
£1,440,481 |
£1,008,337 |
15/02/2024 |
See press release |
s.16 Financial Services Act 2008 |
Financial Services (Civil Penalties) Regulations 2015 |
|
Nedbank Private Wealth Limited | £764,550 | £535,185 | Yes | 18/12/2023 | See press release |
s.157 (2ZA) Proceeds of Crime Act 2008
s.68 (2ZA) Terrorism and Other Crime (Financial Restrictions) Act 2014 |
Anti-Money Laundering and Countering the Financing of Terrorism (Civil Penalties) Regulations 2019 |
Y & A Group, LP |
£40,901 |
£28,631 |
21/09/2023 |
See press release |
s.157 (2ZA) Proceeds of Crime Act 2008
s.68 (2ZA) Terrorism and Other Crime (Financial Restrictions) Act 2014 |
Anti-Money Laundering and Countering the Financing of Terrorism (Civil Penalties) Regulations 2019 |
|
Cornerstone Crew Management (M.I.) Limited | £13,797 | £9,658 | Yes | 11/07/2023 | See press release |
s.157 (2ZA) Proceeds of Crime Act 2008 s.68 (2ZA) Terrorism and Other Crime (Financial Restrictions) Act 2014 |
Anti-Money Laundering and Countering the Financing of Terrorism (Civil Penalties) Regulations 2019 |
Döhle Yachts Management Services Limited | £5,896 | £4,127 | Yes | 20/01/2023 | See press release |
s.157 (2ZA) Proceeds of Crime Act 2008 s.68 (2ZA) Terrorism and Other Crime (Financial Restrictions) Act 2014 |
Anti-Money Laundering and Countering the Financing of Terrorism (Civil Penalties) Regulations 2019 |
Trident Trust Company (I.O.M.) Limited | £421,744 | £295,221 | Yes | 05/08/2022 | See press release | s.16 Financial Services Act 2008 |
Financial Services (Civil Penalties) Regulations 2015 |
R & M Management (I.O.M.) Limited | £11,348 | £7,944 | Yes | 05/08/2022 | See press release | s.16 Financial Services Act 2008 |
Financial Services (Civil Penalties) Regulations 2015 |
Standard Bank Isle of Man Limited | £353,320 | £247,324 | Yes | 07/01/2022 | See press release | s.16 Financial Services Act 2008 |
Financial Services (Civil Penalties) Regulations 2015 |
Bridgewater (IOM) Limited | £321,550 | £225,085 | Yes | 24/11/2021 | See press release | s.16 Financial Services Act 2008 | Financial Services (Civil Penalties) Regulations 2015 |
Island Financial Solutions Limited |
£89,994 | £62,996 | Yes | 28/09/2020 | See press release | s.16 Financial Services Act 2008 | Financial Services (Civil Penalties) Regulations 2015 |
Citadel Insurance Company Limited | £3,100 | £2,170 | Yes | 05/08/2020 | See press release | s.37 Insurance Act 2008 | Not applicable |
Isle of Man Assurance Limited
|
£124,440 | £87,108 | Yes | 05/08/2020 | See press release | s.37 Insurance Act 2008 | Not applicable |
Isle of Man Insurance Management Limited | £11,099 | £7,770 | Yes | 05/08/2020 | See press release | s.37 Insurance Act 2008 | Not applicable |
Kestrel Insurance Services Limited | £82,753 | £57,927 | Yes | 17/01/2020 | See press release | s.37 Insurance Act 2008 | Not applicable |
Fedelta Trust Limited |
£73,644 | £51,551 | Yes | 21/11/2019 | See press release | s.16 Financial Services Act 2008 | Financial Services (Civil Penalties) Regulations 2015 |
Prohibited Persons
Each of the Financial Services Act 2008, Insurance Act 2008 and Collective Investment Schemes Act 2008 include provisions that enable the Authority, where appropriate, to prohibit individuals from some or all roles within the financial services industry.
The list of persons currently prohibited is shown below:
Name: Brett Sinclair Armitage
Previous names:
Date of birth: 6 June 1977
Address (at date of the prohibition): No 1 Sunnybank, West Baldwin, Isle of Man IM4 5HD
Particulars of prohibition: Mr Armitage is prohibited from;
- performing any controlled function[1] and/or key person roles (or equivalent) in the regulated sector in the isle of Man pursuant to section 10A of the Financial Services Act 2008; and
- being a member of the governing body of any scheme pursuant to section 11B of the Collective Investment Schemes Act 2008.
Public statement: Yes
Date on which the prohibition takes effect: 24 November 2021
[1] As set out in Appendix 2 to the Authority’s Regulatory Guidance Fitness and Propriety 20 July 2020.
Name: Matthias Dieter Bolliger
Previous names:
Date of birth: 25 July 1978
Address (at date of the prohibition): 29 Bd d’Italie, Monaco 98000
Particulars of prohibition: Mr Bolliger is prohibited from;
- performing any controlled function[1] in relation to any regulated activity carried on, or proposed to be carried on, by Bridgewater (IOM) Limited (“Bridgewater”) (excluding the specific role of ‘controller’[2]) pursuant to section 10A of the Financial Services Act 2008;
- being a member of the governing body of a scheme pursuant to section 11B of the Collective Investment Schemes Act 2008 where such scheme is managed and/or administered by Bridgewater;
- any controlled function or key person role (or equivalent) for any entity undertaking regulated activity in or from the Isle of Man where: (i) that entity is exempt from requiring a licence pursuant to the Financial Services (Exemption) Regulations 2011; and (ii) such entity is managed and/or administered by Bridgewater (for example, a private trust company).
Public statement: Yes
Date on which the prohibition takes effect: 24 November 2021
[1] As set out in Appendix 2 to the Authority’s Regulatory Guidance Fitness and Propriety 20 July 2020.
[2] A controlled function of R1 and/or R3 as set out in Appendix 2 to the Authority’s Regulatory Guidance Fitness and Propriety 20 July 2020
Name: Gerald Chase
Previous names:
Date of Birth: 10 June 1951
Address (at date of the prohibition): 64 Buttermere Drive, Onchan IM3 2EA
Particulars of prohibition: Mr Chase is prohibited from:
a) performing any controlled function[1] and/or key person roles for any Permitted Person, which holds a licence issued in accordance with section 7 of the Financial Services Act 2008 permitting it to undertake in and/or from the Isle of Man certain regulated activities within classes 4 and 5 as further described in the Regulated Activities Order 2011 (as amended), pursuant to section 10A of the Financial Services Act 2008;
b) from performing any of the following controlled function and/or key person roles (or equivalent) in the regulated sector in the Isle of Man pursuant to each of section 10A of the Financial Services Act 2008 and section 29A of the Insurance Act 2008:
i. the role of ‘director’[2] for any entity licensed, approved or authorised by the Authority;
ii. the role of ‘company secretary’[3] for any entity licensed, approved or authorised by the Authority;
iii. the role of ‘head of compliance’[4] for any entity licensed, approved or authorised by the Authority;
iv. the role of ‘money laundering reporting officer’[5] for any entity licensed, approved or authorised by the Authority;
v. the role of ‘deputy money laundering reporting officer’[6] for any entity licensed, approved or authorised by the Authority; and
vi. the role of ‘principal control officer’[7] for any entity authorised, permitted or registered under the Insurance Act 2008 in so far as it applies to the roles detailed at 4.1.b.(i) to (v).
Public statement: Yes
Date on which prohibition takes effect: 20 December 2022
[1] As set out in Appendix 2 of the Authority’s Regulatory Guidance Fitness and Propriety 1 March 2022.
[2] Controlled function R4 as set out in the Authority’s Regulatory Guidance titled ‘Fitness and Propriety’ dated 1 March 2022
[3] Controlled function R9 as set out in the Authority’s Regulatory Guidance titled ‘Fitness and Propriety’ dated 1 March 2022
[4] Controlled function R13 as set out in the Authority’s Regulatory Guidance titled ‘Fitness and Propriety’ dated 1 March 2022
[5] Controlled function R14 as set out in the Authority’s Regulatory Guidance titled ‘Fitness and Propriety’ dated 1 March 2022
[6] Controlled function R16 as set out in the Authority’s Regulatory Guidance titled ‘Fitness and Propriety’ dated 1 March 2022
[7] Controlled function R12 as set out in the Authority’s Regulatory Guidance titled ‘Fitness and Propriety’ dated 1 March 2022, as further defined in section 54 of the Insurance Act 2008
Name: Paul Chase
Previous names:
Date of Birth: 3 April 1977
Address (at date of the prohibition): 8 Hilltop Rise, Douglas, IM2 2LF
Particulars of prohibition: Mr Chase is prohibited from:
a) performing any controlled function[1] and/or key person roles for any Permitted Person, which holds a licence issued in accordance with section 7 of the Financial Services Act 2008 permitting it to undertake in and/or from the Isle of Man certain regulated activities within classes 4 and 5 as further described in the Regulated Activities Order 2011 (as amended), pursuant to section 10A of the Financial Services Act 2008;
b) from performing any of the following controlled function and/or key person roles (or equivalent) in the regulated sector in the Isle of Man pursuant to each of section 10A of the Financial Services Act 2008 and section 29A of the Insurance Act 2008:
i. the role of ‘director’[2] for any entity licensed, approved or authorised by the Authority;
ii. the role of ‘company secretary’[3] for any entity licensed, approved or authorised by the Authority;
iii. the role of ‘head of compliance’[4] for any entity licensed, approved or authorised by the Authority;
iv. the role of ‘money laundering reporting officer’[5] for any entity licensed, approved or authorised by the Authority;
v. the role of ‘deputy money laundering reporting officer’[6] for any entity licensed, approved or authorised by the Authority; and
vi. the role of ‘principal control officer’[7] for any entity authorised, permitted or registered under the Insurance Act 2008 in so far as it applies to the roles detailed at 4.1.b.(i) to (v).
Public statement: Yes
Date on which prohibition takes effect: 20 December 2022
[1] As set out in Appendix 2 of the Authority’s Regulatory Guidance Fitness and Propriety 1 March 2022.
[2] Controlled function R4 as set out in the Authority’s Regulatory Guidance titled ‘Fitness and Propriety’ dated 1 March 2022
[3] Controlled function R9 as set out in the Authority’s Regulatory Guidance titled ‘Fitness and Propriety’ dated 1 March 2022
[4] Controlled function R13 as set out in the Authority’s Regulatory Guidance titled ‘Fitness and Propriety’ dated 1 March 2022
[5] Controlled function R14 as set out in the Authority’s Regulatory Guidance titled ‘Fitness and Propriety’ dated 1 March 2022
[6] Controlled function R16 as set out in the Authority’s Regulatory Guidance titled ‘Fitness and Propriety’ dated 1 March 2022
[7] Controlled function R12 as set out in the Authority’s Regulatory Guidance titled ‘Fitness and Propriety’ dated 1 March 2022, as further defined in section 54 of the Insurance Act 2008
Name: Suzanne Margaret Collins
Previous names:
Date of Birth: 12 August 1962
Address (at date of the prohibition): Cronk-My-Chree, Main Road, Colby, IM9 4AE
Particulars of prohibition: Mrs Collins is prohibited from:
performing any of the following controlled functions[1] and/or key person roles (or equivalent) in the regulated sector in the Isle of Man pursuant to each of section 10A of the Financial Services Act 2008 and section 29A of the Insurance Act 2008:
a) the role of ‘head of compliance’[2] for any entity licensed, approved or authorised by the Authority;
b) the role of ‘money laundering reporting officer’[3] for any entity licensed, approved or authorised by the Authority;
c) the role of ‘deputy money laundering reporting officer’[4] for any entity licensed, approved or authorised by the Authority; and
d) the role of ‘principal control officer’[5] for any entity authorised, permitted or registered under the Insurance Act 2008 in so far as it applies to the roles detailed at a) to c) above.
Public statement: Yes
Date on which prohibition takes effect: 5 October 2022
[1] As set out in Appendix 2 to the Authority’s Regulatory Guidance titled ‘Fitness and Propriety’ dated 1 March 2022.
[2] Controlled function R13 as set out in the Authority’s Regulatory Guidance titled ‘Fitness and Propriety’ dated 1 March 2022
[3] Controlled function R15 as set out in the Authority’s Regulatory Guidance titled ‘Fitness and Propriety’ dated 1 March 2022
[4] Controlled function R16 as set out in the Authority’s Regulatory Guidance titled ‘Fitness and Propriety’ dated 1 March 2022
[5] Controlled function R12 as set out in the Authority’s Regulatory Guidance titled ‘Fitness and Propriety’ dated 1 March 2022, as further defined in section 54 of the Insurance Act 2008
Name: Anthony Thomas Cooke
Previous names:
Date of Birth: 17 September 1971
Last known Address (at date of the prohibition): 1 Aspden Drive, Peel, Isle of Man IM5 1WS
Particulars of prohibition: Mr Cooke is prohibited from:
- a prohibition from performing any controlled function[1] and/or key person role (or equivalent) in relation to any regulated activity carried on, or proposed to be carried on, by a permitted person pursuant to section 10A of the Financial Services Act 2008;
- a prohibition from performing any controlled function and/or key person role (or equivalent) in relation to any activity carried on, or proposed to be carried on, by an authorised insurer, a registered insurance manager or a registered insurance intermediary pursuant to section 29A of the Insurance Act 2008; and
- a prohibition from being a member of the governing body of a scheme pursuant to section 11B of the Collective Investment Schemes Act 2008.
Public statement: Yes
Date on which prohibition takes effect: 2 January 2024
[1] As set out in Appendix 2 to the Authority’s Regulatory Guidance titled ‘Fitness and Propriety’ dated 1 March 2023.
Name: Stephen Paul Corran
Previous names:
Date of birth: 26 September 1978
Address (at date of the prohibition): 28 Birch Hill Crescent, Onchan, Isle of Man IM3 3DJ
Particulars of prohibition: Mr Corran is prohibited from;
- performing any controlled function[1] in relation to any regulated activity carried on, or proposed to be carried on, by Bridgewater (IOM) Limited (“Bridgewater”) (excluding the specific role of ‘financial controller’[2]) pursuant to section 10A of the Financial Services Act 2008;
- being a member of the governing body of a scheme pursuant to section 11B of the Collective Investment Schemes Act 2008 where such scheme is managed and/or administered by Bridgewater;
- any controlled function or key person role (or equivalent) for any entity undertaking regulated activity in or from the Isle of Man where: (i) that entity is exempt from requiring a licence pursuant to the Financial Services (Exemption) Regulations 2011; and (ii) such entity is managed and/or administered by Bridgewater (for example, a private trust company); and
- undertaking the controlled function of ‘head of compliance’ for any entity/person licensed, approved or authorised by the Authority.
Public statement: Yes
Date on which the prohibition takes effect: 24 November 2021
[1] As set out in Appendix 2 to the Authority’s Regulatory Guidance Fitness and Propriety 20 July 2020.
[2] A controlled function of R18 and/or R19 as set out in Appendix 2 to the Authority’s Regulatory Guidance Fitness and Propriety 20 July 2020
Name: Stephen David Cryer
Previous names:
Date of Birth: 24 January 1964
Address (at date of the prohibition): 21 Brimstage Road, Tunstall, Heswell, Wirral, United Kingdom, CH60 1XA
Particulars of prohibition: Mr Cryer is prohibited from:
- performing any function in relation to any regulated activity carried on, or proposed to be carried on, by a permitted person pursuant to section 10A of the Financial Services Act 2008;
- performing any function in relation to any activity carried on, or proposed to be carried on, by an authorised insurer, a registered insurance manager or a registered insurance intermediary insurance business, an insurance manager or an insurance intermediary pursuant to section 29A of the Insurance Act 2008; and
- being a member of the governing body of a scheme pursuant to section 11B of the Collective Investment Schemes Act 2008.
Public statement: Yes
Date on which prohibition takes effect: 22 October 2020
Name: Richard Maurice Dixon
Previous names:
Date of Birth: 9 Mar 1958
Address (at date of the prohibition): Mount Auldyn House, Jurby Road, Ramsey, Isle of Man, IM8 3PF
Particulars of prohibition: In relation to any body corporate carrying on, in or from the Isle of Man, any regulated activity as defined in section 3 of the Financial Services Act 2008, Mr Dixon is prohibited from acting as:
- a director (as defined in section 48 of the FSA);
- Isle of Man Resident Officer (as defined in Rule 8.21(2) of the Financial Services Rulebook 2013);
- Money Laundering Reporting Officer or deputy Money Laundering Reporting Officer (as defined under paragraph 3 of the Anti-Money Laundering and Countering the Financing of Terrorism Code 2015); or,
- Compliance Officer (as referred to in Rule 8.18 of the Financial Services Rulebook 2013).
Public statement under Section 13 of the FSA: Yes
Date on which prohibition takes effect: 19 Apr 2017
Name: Heather Ann Kent
Previous names:
Date of Birth: 13 March 1960
Address (at date of the prohibition): Vaujany, Hillberry Green, Douglas, Isle of Man, IM2 6DE
Particulars of prohibition: Ms Kent is prohibited from:
- performing any controlled function[1] and/or key person roles (or equivalent) for any entity licensed, approved, registered or authorised by the Authority pursuant to section 10A of the FSA08 and section 29A of the IA08. For the avoidance of any doubt this includes the role of ‘principal control officer’[2] for any entity licensed, approved, registered or authorised under the IA08; and
- being a member of the governing body of any scheme pursuant to section 11B of the CISA08 (collectively the “Prohibition”).
Public statement: Yes
Date on which prohibition takes effect: 5 January 2024
[1] As set out in the Authority’s Regulatory Guidance titled ‘Fitness and Propriety’ dated 1 March 2023.
[2] Controlled function R-12 as set out in the Authority’s Regulatory Guidance titled ‘Fitness and Propriety’ dated 1 March 2023, as further defined in section 54 of the IA08.
Name: Brian Charles James Monk
Previous names:
Date of Birth: 10 Apr 1953
Address (at date of the prohibition): Windrift, Thornhill Park, Ramsey, Isle of man IM8 3NB
Particulars of prohibition: In relation to any body corporate carrying on, in or from the Isle of Man, any regulated activity as defined in section 3 of the Financial Services Act 2008, Mr Monk is prohibited from acting as:
- a director (as defined in section 48 of the FSA);
- Isle of Man Resident Officer (as defined in Rule 8.21(2) of the Financial Services Rulebook 2013);
- Money Laundering Reporting Officer or deputy Money Laundering Reporting Officer (as defined under paragraph 3 of the Anti-Money Laundering and Countering the Financing of Terrorism Code 2015); or,
- Compliance Officer (as referred to in Rule 8.18 of the Financial Services Rulebook 2013).
Public statement under Section 13 of the FSA: Yes
Date on which prohibition takes effect: 7 November 2017
Name: Gordon John Mundy
Previous names:
Date of Birth: 23 December 1954
Address (at date of the prohibition): 48 Selbourne Drive, Douglas, Isle of Man IM2 3NH
Particulars of prohibition: Mr Mundy is prohibited from:
- performing any controlled function[1] and/or key person roles (or equivalent) for any entity licensed, approved, registered or authorised by the Authority pursuant to section 10A of the Financial Services Act 2008 and section 29A of the Insurance Act 2008. For the avoidance of any doubt this includes the role of ‘principal control officer’[2] for any entity licensed, approved, registered or authorised under the Insurance Act 2008; and
- being a member of the governing body of any scheme pursuant to section 11B of the Collective Investment Schemes Act 2008.
Public statement: Yes
Date on which prohibition takes effect: 30 November 2023
[1] As set out in Appendix 2 of the Authority’s Regulatory Guidance Fitness and Propriety 1 March 2023.
[2] Controlled function R12 as set out in the Authority’s Regulatory Guidance titled ‘Fitness and Propriety’ dated 1 March 2023, as further defined in section 54 of the Insurance Act 2008
Name: Lee John Bernard Murphy
Previous names:
Date of Birth: 6 February 1976
Address (at date of the prohibition): 150 Woodbourne Road. Douglas, Isle of Man IM2 3BD
Particulars of prohibition: Mr Murphy is prohibited from:
a) performing any controlled function[1] and/or key person roles for any Permitted Person, which holds a licence issued in accordance with section 7 of the Financial Services Act 2008 permitting it to undertake in and/or from the Isle of Man certain regulated activities within classes 4 and 5 as further described in the Regulated Activities Order 2011 (as amended), pursuant to section 10A of the Financial Services Act 2008;
b) from performing any of the following controlled function and/or key person roles (or equivalent) in the regulated sector in the Isle of Man pursuant to each of section 10A of the Financial Services Act 2008 and section 29A of the Insurance Act 2008:
i. the role of ‘director’[2] for any entity licensed, approved or authorised by the Authority;
ii. the role of ‘company secretary’[3] for any entity licensed, approved or authorised by the Authority;
iii. the role of ‘head of compliance’[4] for any entity licensed, approved or authorised by the Authority;
iv. the role of ‘money laundering reporting officer’[5] for any entity licensed, approved or authorised by the Authority;
v. the role of ‘deputy money laundering reporting officer’[6] for any entity licensed, approved or authorised by the Authority; and
vi. the role of ‘principal control officer’[7] for any entity authorised, permitted or registered under the Insurance Act 2008 in so far as it applies to the roles detailed at 4.1.b.(i) to (v).
Public statement: Yes
Date on which prohibition takes effect: 20 December 2022
[1] As set out in Appendix 2 of the Authority’s Regulatory Guidance Fitness and Propriety 1 March 2022.
[2] Controlled function R4 as set out in the Authority’s Regulatory Guidance titled ‘Fitness and Propriety’ dated 1 March 2022
[3] Controlled function R9 as set out in the Authority’s Regulatory Guidance titled ‘Fitness and Propriety’ dated 1 March 2022
[4] Controlled function R13 as set out in the Authority’s Regulatory Guidance titled ‘Fitness and Propriety’ dated 1 March 2022
[5] Controlled function R14 as set out in the Authority’s Regulatory Guidance titled ‘Fitness and Propriety’ dated 1 March 2022
[6] Controlled function R16 as set out in the Authority’s Regulatory Guidance titled ‘Fitness and Propriety’ dated 1 March 2022
[7] Controlled function R12 as set out in the Authority’s Regulatory Guidance titled ‘Fitness and Propriety’ dated 1 March 2022, as further defined in section 54 of the Insurance Act 2008
Name: Greg Nicholas Taylor
Previous names:
Date of Birth: 20 April 1989
Address (at date of the prohibition): c/o HM Prison, Jurby, Isle of Man
Particulars of prohibition: Mr Taylor is prohibited from:
- performing any function in relation to activity carried on, or proposed to be carried on, by an authorised insurer, a registered insurance manager or a registered intermediary insurance business, an insurance manager or an insurance intermediary pursuant to section 29A of the Insurance Act 2008;
- performing any function in relation to any regulated activity carried on, or proposed to be carried on, by a permitted person pursuant to section 10A of the Financial Services Act 2008;
- being a member of the governing body of a scheme pursuant to section 11B of the Collective Investment Schemes Act 2008;
- undertaking any controlled function;
- engaging in any function within a business in the regulated sector that allows Mr Taylor to handle, access or exercise control over any client’s money or client’s assets (including, without limitation, trust money and trust assets);
- undertaking any function within a business in the regulated sector that allows Mr Taylor to handle, access or exercise control over any monetary or other assets of that business.
Public statement: Yes
Date on which prohibition takes effect: 25 September 2020
Name: Louise Young
Previous names:
Date of birth: 18 May 1972
Address (at date of the prohibition: 18 Tynwald Close, Castletown IM9 1BU
Particulars of prohibition: Ms Young is prohibited from:
- performing any function in relation to activity carried on, or proposed to be carried on, by an authorised insurer, a registered insurance manager or a registered intermediary insurance business, an insurance manager or an insurance intermediary pursuant to section 29A of the Insurance Act 2008;
- performing any function in relation to any regulated activity carried on, or proposed to be carried on, by a permitted person pursuant to section 10A of the Financial Services Act 2008;
- being a member of the governing body of a scheme pursuant to section 11B of the Collective Investment Schemes Act 2008;
- undertaking any controlled function;
- engaging in any function within a business in the regulated sector that allows Ms Young to handle, access or exercise control over any client’s money or client’s assets (including, without limitation, trust money and trust assets);
- undertaking any function within a business in the regulated sector that allows Ms Young to handle, access or exercise control over any monetary or other assets of that business.
Public statement: No
Date on which the prohibition takes effect: 6 November 2020