Authority publishes findings of regulatory registers review

The Isle of Man Financial Services Authority has published the findings of a thematic review focusing on compliance with key elements of the Financial Services Rule Book 2016 in relation to regulatory registers.

The report, which is available to view online, highlights the results of a questionnaire and desk-based inspections involving low impact firms and professional officers supervised by the Authority’s Portfolio Division.

Examples of good practice and topics for improvement are captured, along with the Authority’s observations on the data. The findings from the two separate phases of the thematic project will help to inform the Authority’s picture of risk at a firm and sector level.

Regulatory registers are an important part of a robust compliance and risk management framework and assist areas such as risk management, audit and reporting, continuous improvement, and accountability and transparency. The review looked at how a selection of Island firms are meeting Rule Book requirements in respect of Conflicts of Interest, Complaints, Breaches and Pricing Errors.

Samantha Crookall, Senior Manager, Portfolio Supervision Division, said: ‘Our division oversees a large cohort of Island firms that are rated as low impact in line with the engagement model published as part of the Authority’s Supervisory Methodology Framework. This thematic review will enable us to further enhance our understanding of our low impact firms, as they differ in nature, scale and complexity.’

She added: ‘We hope the report provides further clarity to assist firms in meeting their obligations with the Rule Book in relation to regulatory registers and we’d like to thank all the firms for their positive engagement in this review.’