Standard Bank fined by Isle of Man regulator over serious regulatory failings

Standard Life Bank Isle of Man has been fined £247,324 following an investigation by the island's Financial Services Authority which identified "serious regulatory failings". The IOMFSA required Standard to pay a discretionary civil penalty imposed under section 16 of the Act and in accordance with the Financial Services Regulations 2015 of £353,320 discounted by 30% to £247,324. The level of the civil penalty reflects the fact that Standard co-operated with the Authority and agreed settlement at an early stage, through the employment of the IOMFSA's Enforcement Decision-Making Proces...