Authority publishes its response to tribunal consultation
The Isle of Man Financial Services Authority has issued a response document in respect of its consultation on the draft Financial Services Tribunal (Amendment) Rules 2022.
The consultation ran from 28 May to 9 July 2021 and attracted 25 submissions, including 20 from entities regulated or overseen by the Authority. The main comments are included in the summary of responses, alongside the Authority’s views on the matters raised.
In order to address an issue highlighted in the feedback, the draft rules have been amended to provide further clarity regarding the Authority’s exercise of discretion in relation to a disputed decision.
The revised Financial Services Tribunal (Amendment) Rules 2022 have been agreed by the Council of Ministers and will come into effect on 1 April 2022, subject to Tynwald approval.