The Isle of Man's Financial Services Authority is seeking views on proposed changes to the process for assessing individuals' fitness and propriety in respect of regulated entities.
Fitness and propriety assessments are required under regulatory legislation and involve consideration of whether a particular individual is fit and proper to undertake a key role in a regulated entity. The assessment looks at an individual's integrity, competence, and solvency, and applies to 29 roles, described as "Controlled Functions."
The proposed changes to the assessment would streamline the process, with some individuals previously subject to assessments no longer being required to submit forms for assessment, and other individuals to newly be assessed.
Currently, the Authority uses different forms for assessments, depending on the legislation an entity is regulated under. Additionally, if a regulated entity is regulated under the Insurance Act 2008 and the Financial Services Act 2008 it may have to complete two forms for one individual.
The Authority is proposing five new forms, which have been designed to be applicable to all regulated entities, regardless of the legislation they are covered by. They are paper-based but the Authority says these will soon be accessible through an online portal.
Interested parties are invited to submit their views on the Authority's proposals, set out in detail in consultation paper CP18-01/T12, by April 13, 2018.
By Courtesy of Lowtax.net