Fees from 1 April 2021 and 1 April 2022

Closed 11 Dec 2020

Opened 16 Oct 2020

Overview

Further to the related Press Release on 15 October 2020, the Isle of Man Financial Services Authority (‘the Authority’) has today issued a Consultation Paper (CP20-03/T14) on proposed changes to fees payable to the Authority from 1 April 2021 and 1 April 2022.

Why we are consulting

The consultation is relevant to all persons that are licensed, authorised or registered under the Financial Services Act 2008, Insurance Act 2008, Retirement Benefits Schemes Act 2000, Designated Businesses (Registration and Oversight) Act 2015 or that have responsibility for collective investment schemes under the Collective Investment Schemes Act 2008. It is also relevant to advisers to those persons, or potential applicants for those permissions or their advisers.

What happens next

Following closure of the consultation period, the Authority will review the responses received and publish a Consultation Response document on the Authority’s website and the Isle of Man Government’s Consultation Hub.

Subject to any changes to the proposals that may be made as a result of responses received, it is intended that the draft legislation will be finalised for laying before Tynwald for approval in the first quarter of 2021 for commencement on 1 April 2021.

The proposals outlined in this paper are not intended to substantially address the broader issue of moving the Authority to a PIFM. Respondents are encouraged to consider the separate Discussion Paper on that topic, which will be published soon.

Areas

  • All Areas

Audiences

  • All residents

Interests

  • Finance
  • Economy