Regulatory Alerts2019-03-21
Isle of Man FSA Thematic Feedback on Clients' Assets Reports
The Isle of Man Financial Services Authority issued this thematic feedback to review the initial results of the Clients' Assets Reports regime and identify industry-wide compliance trends. The document highlights that while overall compliance is good, licenceholders and auditors must improve practices regarding reconciliation testing, account titling, and the handling of funds for prospective or former clients. It outlines specific areas for improvement, such as correcting incorrect procedure completions and ensuring consistent sample sizes, while recognizing good practices like comprehensive staff training and clear auditor reporting.
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