Upcoming Changes to Fitness & Propriety Assessments
In March 2018, the Isle of Man Financial Services Authority published information on proposed changes to fitness and propriety assessments for all regulated entities and consulted on resulting changes to the Financial Services Rule Book 2016. The Consultation Paper (CP18-01/T12), Consultation Response (CR18-03/T12) and associated documents can be found on the consultation webpage.
The changes to fitness and propriety assessments are due to commence on 1 August 2018.
The Regulatory Guidance, Forms and related documents have now been finalised and can be accessed by clicking on the links below. They are also accessible from the consultation webpage —
- Licensing Policy for regulated activities under the Financial Services Act 2008
- Training and Competence Framework
- Regulatory Guidance – Fitness and Propriety
- F&P1 – Individual Questionnaire
- F&P2 – Notification Only form
- F&P3 – Controller Questionnaire
- F&P4 – Intermediate Controller Notification Form
- F&P5 – Controlled Function Cessation Form.
Regulated entities must use the new forms and processes with effect from 1 August 2018. The Authority’s website will be updated on that day and the old forms will be removed.
This press release is relevant to all persons that are licensed, authorised or registered under the Financial Services Act 2008, Insurance Act 2008, Retirement Benefits Schemes Act 2000 or that have responsibility for collective investment schemes under the Collective Investment Schemes Act 2008.