The Premier Group (Isle of Man) Limited (in liquidation)
Notice is hereby given that The Premier Group (Isle of Man) Limited (in liquidation) (“PGIOM”) which was licensed under Section 7 of the Financial Services Act 2008, has had its licence revoked with effect from 6 December 2017.
The reasons for revoking the licence are:
- PGIOM has ceased all regulated activity, but the Authority was not able to accept the surrender of PGIOM’s licence.
- Audit requirements (including the provision of audited financial statements for the year ended 31 December 2016) of the Financial Services Rule Book have not been met.
- PGIOM has not discharged amounts it owes to the Authority in respect of the last annual licence fee and certain administrative civil penalties.
Under Rule 8.57(8) of the Financial Services Rule Book the Authority may require a licenceholder to hold “run-off” professional indemnity insurance (PII) cover in respect of claims arising from past acts or omissions. The Authority would expect a licenceholder such as PGIOM to take steps to hold appropriate run-off PII but PGIOM has not been able to achieve this.