The second and final stage of the Isle of Man Financial Service Authority's (IoMFSA) Conduct of Business code has come into effect this Monday, bringing new disclosure rules to international financial advisers that are paid commission from companies based in the jurisdiction.
The new framework pushes towards making commissions more transparent, since life companies are required disclose in more detail how it pays and how much commission it gives to advisers when transacting client business.
Under the new rules, firms are obligated to issue key information documents (Kids) and summary information document (Sid) about the commissions charged to clients form July 1, 2019 onward.
As reported, the IoM Conduct of Business Code first stage was implemented in January.
International Investment will be publishing a special video report from the Isle of Man with key players later this week on the topic.