Isle of Man cracks down on unlicenced activity

The Isle of Man Financial Services Authority (FSA) is taking a “proactive initiative” to clamp down on financial services professionals conducting regulated activities without a licence.

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The initiative marks 10 years since the introduction of the Financial Services Act 2008, which gave the FSA the power to regulate and supervise individuals undertaking financial services on the island.

Some of the regulated activities that will be reviewed 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.
  • Acting or arranging for another person to act as a nominee shareholder of a company.

A full list of regulated activities can be viewed on the FSA website.

“Those unsure if they are carrying out regulated activities without the relevant licence should either seek independent legal advice or contact the Financial Services Authority,” the spokesperson said.

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