Consultation Response: Fitness & Propriety Assessment

The Isle of Man Financial Services Authority has today published a Consultation Response (CR18-03/T12) following its recent provision of information on changes to fitness and propriety assessments for all regulated entities, and its consultation on resulting amendments to the Financial Services Rule Book 2016.

Subject to Tynwald approval, the Financial Services (Amendment) Rule Book 2018 will come into effect on 1 August 2018. The ‘as amended’ version of the Rule Book available on the Authority’s website will be updated by that date, and copies of the new forms and the Regulatory Guidance – Fitness and Propriety will also be made available in advance.

The consultation response 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.

Please refer to the consultation webpage for further information.