Financial Services Tribunal (Amendment) Rules

Closed 9 Jul 2021

Opened 28 May 2021

Contact

Susan Woolard

(Policy Advisor)

Policy and Authorisations

+44 1624 689333

Susan.Woolard@iomfsa.im

Feedback updated 8 Mar 2022

We asked

We asked for views on the proposed insertion of the grounds of appeal provision into the Financial Services Tribunal Rules 2015.

You said

We received 25 separate responses to the Consultation Paper, of which 20 were from entities that are either regulated by the Authority or registered as Designated Businesses (with the Authority). Five responses were from other parties. The Consultation Response document summarises the main comments received and our responses.
 

We did

We considered the comments provided by consultation respondents and heard their concerns. As a result, to aid clarity, we added paragraph (c) to the proposed rule 6A to address concerns regarding the exercise of discretion. We included a copy of the final draft Financial Services Tribunal (Amendment) Rules 2022 (‘the Amendment Rules’) in the Consultation Response.

The Amendment Rules were considered by the Council of Ministers and made on 31 January 2022. Subject to approval by Tynwald, the Amendment Rules will come into effect on 1 April 2022.

Results updated 8 Mar 2022

Files:

Overview

The purpose of the consultation is to obtain views on a proposed change to the Financial Services Tribunal Rules 2015 (‘the FST Rules’). The consultation is particularly relevant to persons that may appeal against decisions of the Isle of Man Financial Services Authority under the FST Rules.

Why your views matter

The consultation paper seeks views on the proposed insertion of the definition of grounds of appeal into the Financial Services Tribunal Rules 2015.  The amendment could affect any part that seeks to appeal against a decision of the Authority, but only by clarifying meaning.

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 views received, it is proposed that the Financial Services Tribunal (Amendment) Rules will progress through Tynwald and come into operation later in 2021.

Areas

  • All Areas

Audiences

  • All residents

Interests

  • Finance
  • Business
  • Economy