Financial advice thematic findings published
The Isle of Man Financial Services Authority has published a report setting out the key findings of a thematic review involving low impact financial advisory firms based in the Island.
The report, which can be accessed online, highlights the results of a questionnaire and onsite inspections conducted by the Authority’s Portfolio Supervision Division.
Phase 1 of the review saw a total of 20 class 2 licenceholders respond to a questionnaire covering topics including extent of services, other advice, governance, client files and continuing professional development (CPD) records. Four firms were then selected for an onsite inspection in Phase 2.
The report captures examples of best practice and topics for improvement, along with the Authority’s insights into the data. The findings will further enhance the Authority’s understanding of the financial advice sector and inform future outreach and engagement.
Firms are encouraged to read the report and consider any action necessary to ensure their own processes and procedures are effective, up-to-date and properly documented.
Sarah Kennedy, Head of the Portfolio Supervision Division, said: ‘Thematic reviews are an important part of the Authority’s supervisory approach, offering an efficient and effective way to identify and inform our picture of risk at a firm and sector level. This supports the work taking place to achieve our objectives of protecting consumers, reducing financial crime and maintaining confidence in the finance industry through effective regulation.’
She added: ‘There was an excellent level of cooperation among the financial advisory firms, including feedback that will be considered as part of the Authority’s commitment to continuous improvement. I should like to thank the firms, the directors and staff for their continued positive and constructive collaboration on these critical regulatory reviews.’