IoM Updates 'Fit And Proper' Framework

by Jason Gorringe, Tax-News.com, London

03 February 2012

The Isle of Man Financial Supervision Commission on Januay 27, 2012, published a revised version of its Training and Competence Framework.

Individuals undertaking certain key roles for licenceholders are required to demonstrate to the Commission that they have the necessary competence to undertake that role as part of the Commission's 'Fit and Proper' person criteria. The Framework sets out the Commission's detailed expectations of licence applicants, licenceholders and their staff in relation to ongoing training and competence.

The Commission said that the Framework had been updated to take account of recent changes to financial services legislation and changes to professional bodies and the qualifications that they offer.

Key changes include:

• Updating the Core Competency table to ensure that it covers all key person roles;
• Reference to the continuing professional development requirements for key persons as set out in Rule 8.5A of the Rule Book;
• The removal of the reference to the acceptability of “grandfathering” as this is no longer permitted for new appointments; and,
• An update to Appendix A to ensure that the professional bodies and the relevant qualifications are up to date.

Recommended