Carly Stratton | Head of Business & eGaming | Senior Advocate | New Fitness and Propriety Assessments was originally published on 03 July 2019

Only a fortnight after MannBenham Advocates and Kings Chambers presented to island businesses on fiduciary responsibilities for directors, trustees and via commercial arrangements, closing on and emphasising fitness and propriety, the Isle of Man Financial Services Authority published late last week updated documents that came into force on 1st July 2019 regarding New Fitness and Propriety Assessments.

The term ‘fit and proper’ appears throughout regulatory legislation, with the principle taking into account an individual’s integrity, financial standing and their competence and capacity within a regulated entity. Fitness and propriety is the backbone of regulatory legislation because it is vital to have these standards for the protection of the customers, to ensure that regulated entities are not controlled or managed by persons engaged in financial or other crime, and as always to protect the reputation of the Isle of Man.

The Authority has updated its fitness and propriety assessment documentation which can be found at the following link: FPAssessment2019, and is relevant to everyone that is licensed, authorised or registered under the Financial Services Act 2008, Insurance Act 2008, Retirement Benefits Schemes Act 2000 or that have responsibility for collective investment schemes under the Collective Investment Schemes Act 2008.

If you would like to know more about ‘fitness and propriety’, the assessment process or any aspect of business, corporate or commercial matters then please contact MannBenham Advocates on 01624 639350 or email at practice@mannbenham.com.