IoM Regulator Changes Vetting Process

by Jason Gorringe, Tax-News.com, London

11 May 2011

The Isle of Man Financial Services Commission has announced a change in its vetting procedures of key persons within licensed entities.

All individuals proposed as controller, director or key person of a licenceholder must submit vetting forms to the Commission. These forms include the Isle of Man Constabulary’s vetting request form.

Prior to this announcement, the Commission sent a paper copy of this form to licenceholders for completion at the time it acknowledged receipt of the vetting forms.

Following the change in procedure, the Isle of Man Constabulary’s vetting request form should now be obtained online, on the Commission's website, enabling licenceholders to submit it along with other vetting forms. Further, there are no longer any requirements that the form must be on pink-coloured paper.

Any individual that is proposed for a vettable role, who has not previously been vetted by the Commission or has not been subject to a police check in the last five years, will need to complete the form. The Commission advised that in cases where there is doubt regarding when an individual was last vetted, a completed form should be submitted to the Commission who will determine whether it needs to be passed to the Isle of Man Constabulary.

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