What is the Isle of Man Financial Supervisory Commission (FSC)? Isle of Man Financial Supervisory Commission (FSC) Review, Features

The Isle of Man Financial Supervisory Commission (FSC) was established on 1 November 2015, taking over the functions of the Financial Supervisory Commission and the Insurance and Funds Authority.

About the Isle of Man Financial Supervisory Commission (FSC)

The regulatory objectives are:

1. Protect the interests of customers who conduct business in accordance with regulations;

2. Reduce financial crime;

3. Maintain the superiority of the Isle of Man’s financial services, insurance and funds through effective supervision to promote the economy and development of the Isle of Man as an international financial center.

Functions:

1. Supervision of legal persons carrying out regulated business in the Isle of Man, including deposit-taking institutions, investment business, collective investment scheme services, trust services and cash transfer services, insurance and funds;

2. Maintain the development of regulatory agencies;

3. Investigate individuals or organizations that violate the Anti-Money Laundering and Anti-Terrorism Financing Act;

4. Supervise managers responsible for management, administration, and corporate entity matters.

Complaints and Rights Protection

1. A formal complaint letter must be initiated by someone who is directly affected by the organization or has direct interest in the subject of the complaint. Anonymous complaints are not accepted.

2. Formal appeals must be in writing and addressed to the CEO, specifying that it is a formal appeal letter;

3. If the complaint is in verbal form, it will not be resolved quickly. If you want further investigation, you are required to file a written complaint.

After receiving the letter, the processing flow is as follows:

1. An investigation by a senior employee who is not involved in the complaint;

2. We will receive your complaint within 5 working days and resolve it as quickly as possible. We strive to complete the investigation of your complaint within 4 weeks. If it is not completed, we will write to you within 4 weeks to inform you of our progress;

3. Once the investigation is complete, we will send you a report that will explain how your complaint is being processed and what steps should be taken to remedy the situation.

If your complaint is rejected, we will explain why. If you feel that you have not received a fair response, you can write to the Board of Directors of the organization and ask for a receipt.