The Isle of Man Financial Services Authority has fined trustee firm Bridgewater (IOM) £225,085, it said in a notice on 24 November. An investigation identified a number of regulatory failings which led the regulator to require Bridgewater to pay a discretionary civil penalty under section 16 of the Act and the Financial Services (Civil Penalties) Regulations 2015 of £321,550 discounted by 30% to £225,085. "The level of the Civil Penalty reflects not only the severity of the failures admitted but also the fact that Bridgewater and the Bridgewater directors co-operated with the Author...
To continue reading this article...
Join International Investment
Join International Investment today
Unlock members-only benefits:
- Unlimited access to real-time news, industry insights, video features and market intelligence
- Stay ahead of the curve with spotlights on international financial centres, regional trends international advice and global industry leaders
- Receive breaking news stories straight to your inbox in the daily newsletters
- Hear the latest cross jurisdictional developments in wealth planning, tax, regulation, investing, retirement and protection
- Members-only access to the Editor’s weekly news roundup newsletter
- Members-only access to analysis via our exclusive industry polls
- Be the first to hear about our events and awards programmes