Regulatory Alerts2017-12-19
Financial Advice - Sales and Advisory Guidance
The Isle of Man Financial Services Authority issued this guidance to assist Class 2 licenceholders in complying with the Financial Services Rule Book and Anti-Money Laundering Code when providing financial advice. The document defines specific service types, including execution only, limited, restricted, tied, and independent advice, while establishing distinct regulatory expectations for vulnerable, retail, and non-retail clients. It mandates rigorous documentation standards for client files, requiring detailed fact-finds, reasons why letters, and evidence of suitability assessments to demonstrate that advice serves the client's best interests.
Share