Isle of Man fines corporate and trust services firm

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...