IoM FSC Announces Consultation Into New Fiduciary Services Regulations

by Jason Gorringe, Tax-News.com, London

10 November 2004

As the Tynwald considers the Fiduciary Services Bill, the Isle of Man Financial Supervision Commission on Tuesday announced the launch of a consultation into the latest draft of the Fiduciary Services Regulatory Codes.

In an attempt to avoid delays in the implementation of the new licensing regime for trust providers, the FSC has been working with the firms to identify best industry practice and thus determine the most appropriate regulatory standards against which members of the trust business should be measured.

“In amending the draft Fiduciary Services (General Requirements) Regulatory Code and the Fiduciary Service (Clients’ Money and Trust Money) Regulatory Code and associated guidance notes, we were particularly aware of the industry’s concerns in respect of potential conflict with trust law and that the financial resources requirements should not be too onerous,” noted Jane Bates, Head of Authorisations & Companies at the FSC.

“We hope that we have now achieved a good balance and have set standards that will meet the Commission’s regulatory imperatives without placing an unreasonable burden on the industry,” she added.

The FSC has proposed a briefing on November 23 allowing interested parties to have a say on the new rules.

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