Call for Input - Family Office type services (CI24-01)

Overview

This Call for Input ('CfI') is issued by the Isle of Man Financial Services Authority ('the Authority'), which is the regulatory and AML/CFT oversight body for financial services and designated businesses in the Isle of Man ('the Island').

The Authority is issuing this CfI through the Isle of Man Government’s Engagement Hub ('Engagement Hub') for the purpose of obtaining information on the prevalence and provision of Family Office type services being offered by way of business in or from the Island.

The purpose of this Call for Input

The primary objective of this CfI is to establish a clearer picture of the number of Family Office type services which are managed in or from the Island and also the extent of the activities, including whether such offices are operating by way of business.

As part of its long term AML/CFT effectiveness programme, the Island is undertaking a revised National Risk Assessment ('NRA') and to support this the Authority will be leading on the production of a number of sectoral and topical risk assessments that will feed into the updated NRA. The CfI will seek to gather data required to help formulate a picture of Family Office type services being offered by way of business in or from the Island. The data collected will feed into a standalone Legal Persons / Legal Arrangements risk assessment, drawing out the associated risks, and ensuring the Island can continue to improve AML/CFT effectiveness whilst also continuing to meet international standards.

In addition to gaining information on the number and extent of Family Office type services managed in, or from, the Island, the Authority is also seeking feedback from interested parties in relation to potential options for how these types of arrangements might be treated in the future. Following this initial CfI, further research will be conducted in relation to the available options and this will form the content of a further Consultation Paper or Discussion Paper at the appropriate time.

Who may be affected by this Call for Input

This CfI is relevant to persons who may be offering Family Office type services in or from the Island by way of business. It is also relevant to persons carrying on regulated activity under the Financial Services Act 2008 ('FSA08').

How to respond to this Call for Input

This CfI has been published on the Authority’s website. It has also been published on the Engagement Hub (this site) where you can give your responses by clicking on the ‘Online Survey’ link below. Alternatively, you can download a paper version of this CfI in the 'Related' section below.

Responses made outside of the ‘Online Survey’ can be submitted by email to aml@iomfsa.im and, if in an attachment, preferably in an extractible format, e.g. Microsoft Word document. Alternatively, you can submit responses by post to:

Miss Lucy Hendy - Senior Manager
AML/CFT Supervision Division
Isle of Man Financial Services Authority
PO Box 58,
Finch Hill House,
Bucks Road,
Douglas,
Isle of Man,
IM99 1DT

If you have a query in relation to how the CfI process has been carried out, please contact the AML/CFT Division by email at aml@iomfsa.im or by telephone on +44 1624 646000.

What happens next

Following closure of the CfI period on 27 June 2024, the Authority will review the responses received and publish a Feedback Statement on the Authority’s website and on the Engagement Hub.