Isle of Man clamps down on unlicenced regulated activity

Financial services professionals operating without a licence are to be struck off, in a renewed effort by the Isle of Man Financial Services Authority to crack down on unlicenced activity.

A spokesman for the FSA said: “Those unsure if they are carrying out regulated activities without the relevant licence should either seek independent legal advice or contact the Financial Services Authority.”

The Financial Services Act 2008 granted the FSA the remit to regulate and supervise people undertaking regulated activities on the Isle of Man. The regulator will be conducting an initiative to identify those conducting regulated activity without a relevant licence.

The FSA cites some instances of regulated activity, by way of examples:

– Providing or arranging for premises for use as a registered office or accommodation address facilities for a company.
– Acting as a Director or Secretary of a company.
– Acting or arranging for another person to act as a nominee shareholder of a company.

ABOUT THE AUTHOR
Christopher Copper-Ind
Christopher Copper-Ind is Editor of International Investment.

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