Training & Competence
The Isle of Man has been recognised internationally as a jurisdiction with a robust and effective regulatory environment. A cornerstone of this environment is the knowledge and experience of those individuals working within the financial services sector. The primary responsibility for ensuring that a business is staffed and supported by competent individuals rests with that business.
Individuals undertaking certain key roles for regulated entities are already required to demonstrate to the Isle of Man Financial Services Authority (“the Authority”) that they have the necessary competence to undertake that role as part of the Authority’s fitness and propriety criteria. The Authority’s Regulatory Guidance - Fitness and Propriety gives guidance on this criteria which applies both initially on application to become a regulated entity and remains as a continuing obligation.
The Training and Competence Framework sets out the Authority’s detailed expectations of its applicants, regulated entities and their staff in relation to ongoing training and competence, and should be read in conjunction with the Regulatory Guidance - Fitness and Propriety referred to above. The framework is split into two distinct segments:
PART 1 General Training and Competence Requirements – What the Authority expects of regulated entities in relation to the training and competence of all staff; and
PART 2 Controlled Functions and Other Functions - Training and Competence – the additional expectations applicable to individuals undertaking or aspiring to undertake certain Controlled Functions or certain other functions.
When applying the training and competence framework, an applicant / regulated entity should consider the specific risks and needs of its business.
For Insurance Special Purpose Vehicles reference should also be made to the Guidance Notes for Insurance Special Purpose Vehicles.