Public statement concerning the revocation of IOM Rental Ltd registration under section 11(1)(e) of the Designated Businesses (Registration and Oversight) Act 2015
PUBLIC STATEMENT CONCERNING THE REVOCATION OF REGISTRATION UNDER SECTION 11(1)(e) OF THE DESIGNATED BUSINESSES (REGISTRATION AND OVERSIGHT) ACT 2015
IOM Rental Ltd (“the registered person”)
1.1 The Isle of Man Financial Services Authority (the “Authority”) makes this public statement in accordance with powers conferred upon it under section 11(3) of the Designated Businesses (Registration and Oversight) Act 2015 (the “Act”).
1.2 The making of such public statement supports the Authority’s statutory objectives of, among other things, securing an appropriate degree of protection for customers of persons carrying on a regulated activity, reducing financial crime and maintaining confidence in the Isle of Man’s financial services industry.
1.3. The registered person has failed to comply with a direction issued under section 26 of the Act. The direction issued on 3 February 2021 directed the registered person to comply with the following:
a) to submit its annual return to the Authority – via the Authority’s online DNFBP portal; and
b) to pay the annual fee to the Authority as prescribed in accordance with the Designated Businesses (Fees) Order 2020.
1.4. Section 11 of the Act provides that the Authority may revoke a registration granted under the Act on a number of grounds including, but not limited to, ”that the registered person has failed to comply with a direction issued by the Authority under section 26”.
2.1 The registered person has failed to comply with the Act, in particular, section 13 of the Act concerning the submission of an annual return and payment of the annual oversight fee. In seeking to afford the registered person every opportunity to comply with section 13 of the Act, in light of the challenging circumstances surrounding the COVID-19 pandemic, the Authority has taken reasonable steps to attempt to communicate with the registered person.
2.2 In failing to comply with section 13 of the Act, by the deadline date 1 November 2020, the Authority issued the registered person with a civil penalty, as per the Authority’s standard process, in accordance with section 30 of the Act. Furthermore, the registered person settled the civil penalty but failed to submit the annual return and pay the annual fee, in accordance with section 13 of the Act, despite such civil penalties being issued.
2.3 In seeking to afford the registered person with a final opportunity to comply with section 13 of the Act the Authority issued a direction under section 26 of the Act to the registered person, directing compliance with section 13 of the Act.
2.4 The registered person has failed to comply with the direction issued by the Authority under section 26 of the Act.
The Authority is satisfied that the registered person has failed to comply with the direction issued to the same under section 26 of the Act, and in taking into account that the Authority has taken reasonable measures to provide the registered person with every opportunity to comply with the direction has, as of 18 May 2021, revoked the registration of the registered person under the Act.
- Key Learning Points for Industry
- Key Learning Points for Industry
- All registered persons are required to comply with the relevant legislation. The Authority will consider and take all reasonable and appropriate measures where a regulated person fails to comply with the relevant legislation.
- Any registered person which has its registration revoked can no longer undertake designated business in or from the Isle of Man. Following any such revocation, a person that contravenes section 7 of the Act is guilty of an offence.