Regulatory Alerts2022-12-20
Discretionary Civil Penalties under the Financial Services Act 2008 and the Insurance Act 2008
The Isle of Man Financial Services Authority issues this guidance to regulate the imposition of discretionary civil penalties on regulated entities for serious contraventions of the Financial Services Act 2008 and the Insurance Act 2008. The document outlines a four-stage decision-making process involving the identification, determination, calculation, and implementation of penalties based on relevant income and specific aggravating or mitigating factors. It further details the Authority's Enforcement Decision-Making Process, including provisions for discount facilities and the right of regulated entities to appeal decisions to the Financial Services Tribunal.
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