The Isle of Man Financial Services Authority (FSA) announced, on 26 January 2018, that it would be conducting a pro-active initiative to identify persons conducting regulated activity without a relevant licence.
The FSA is responsible for the regulation and supervision of persons undertaking regulated activities in or from the Isle of Man. These include, 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, and acting or arranging for another person to act as a nominee shareholder of a company.
Sovereign Trust (Isle of Man) Limited, which is licensed to conduct such activities by the FSA, welcomes this move. All international financial centres are now heavily regulated and Sovereign currently holds 33 regulatory authorisations worldwide in respect of its global office network.
To obtain these licences we have had to satisfy the licensing authorities that every relevant person is ‘fit and proper’ to carry on or be associated with a trust or company service business. Client due diligence procedures and record-keeping requirements are also well entrenched within and across the group.
Compliance with international standards has become a major business cost but we recognise it is also an essential element in building and maintaining trust and confidence in the sector. This FSA initiative will mean that licensed providers such as Sovereign can compete on a fair and even basis in the Isle of Man. It will also protect the Isle of Man’s reputation as an international financial centre and as a safe and clean place in which to do business.
