MrGarrison Posted February 15, 2023 Share Posted February 15, 2023 What they don’t want is designated businesses using the designation (that they created) that applies to unregulated designated businesses to suggest that they are regulated. Rather than being regulated for AML purposes only. 1 Quote Link to comment Share on other sites More sharing options...
Albert Tatlock Posted February 15, 2023 Share Posted February 15, 2023 13 minutes ago, MrGarrison said: What they don’t want is designated businesses using the designation (that they created) that applies to unregulated designated businesses to suggest that they are regulated. Rather than being regulated for AML purposes only. You've been watching too much 'Yes Minister' again on Dave? Quote Link to comment Share on other sites More sharing options...
Amadeus Posted February 15, 2023 Share Posted February 15, 2023 Well DBA is meant to be the light touch framework for all the fancy digital businesses IOMG is trying to attract. I hope they don’t over complicate things or it’ll be downhill from here. 1 Quote Link to comment Share on other sites More sharing options...
The Phantom Posted February 15, 2023 Share Posted February 15, 2023 51 minutes ago, MrGarrison said: What they don’t want is designated businesses using the designation (that they created) that applies to unregulated designated businesses to suggest that they are regulated. Rather than being regulated for AML purposes only. Exactly 1 Quote Link to comment Share on other sites More sharing options...
MrGarrison Posted February 15, 2023 Share Posted February 15, 2023 36 minutes ago, Albert Tatlock said: You've been watching too much 'Yes Minister' again on Dave? Not at all the DBA system is a nonsense. Nobody gets anything in return for registering. It confers an apparent regulatory status on any business that has no regulatory status other than having to do AML checks on customers. If they’re going down this route they either fully regulate or don’t fully regulate. 1 Quote Link to comment Share on other sites More sharing options...
BriT Posted February 16, 2023 Share Posted February 16, 2023 On 2/14/2023 at 4:59 PM, asitis said: They love the big fines, and, we have caused this business x amount of angst trying to negotiate our nonsensical pettiness. But then again it’s clearing out the system. You can’t really argue with a company that bailed a load of has-beens out just before getting a fine of £295K off the regulator for failing to observe adequate oversight on managed structures. You often wonder what these people are doing now to fill the time. Hopefully they had good payoffs / pensions. As they’ll never work in finance again. Quote Link to comment Share on other sites More sharing options...
CallMeCurious Posted February 16, 2023 Share Posted February 16, 2023 1 minute ago, BriT said: But then again it’s clearing out the system. You can’t really argue with a company that bailed a load of has-beens out just before getting a fine of £295K off the regulator for failing to observe adequate oversight on managed structures. You often wonder what these people are doing now to fill the time. Hopefully they had good payoffs / pensions. As they’ll never work in finance again. A bit like politicians then 2 Quote Link to comment Share on other sites More sharing options...
BriT Posted February 17, 2023 Share Posted February 17, 2023 23 hours ago, CallMeCurious said: A bit like politicians then Indeed they are. Full of opinions of everything I’d guess. Quote Link to comment Share on other sites More sharing options...
buncha wankas Posted February 17, 2023 Share Posted February 17, 2023 On 2/14/2023 at 5:06 PM, The Phantom said: The FSA is the pinnacle of Manx Crab syndrome. It's where bonehead Bouncers dream of being employed. Knowing that they can ruin your life because you have failed to tick a certain box or undertake a spurious review. They seem to be under the impression that they are under a duty to fine, prosecute and regulate every single financial firm on the Island out of business. Financial firms are literally drowning under regulations imposed by the FSA and are terrified to query or contest their all powerful judgements. Manx crab or is it British ego mentality Quote Link to comment Share on other sites More sharing options...
asitis Posted February 18, 2023 Share Posted February 18, 2023 As I've said before, if regulated business could perceive the FSA as being an entity that works with them to ensure compliance across the board, rather than sitting like a preying mantis waiting for them to have even a minor unintended transgression, the outcomes would be better for all. 2 Quote Link to comment Share on other sites More sharing options...
The Phantom Posted February 20, 2023 Share Posted February 20, 2023 Mrs Phantom works in Captive Insurance and I had a chat with her about the FSA meddling over the weekend. In the last year they have brought in the following new rules to be applied against her companies: A massive new reporting spreadsheet, the information within which needs to be audited prior to submission. Captives are already audited but this info is sufficiently different to require an additional audit, which doubles their audit fees which are approx £20k. Any changes in the ownership of the Captive need to be approved by the FSA before the changes. Bear in mind that many of these Captives are owned by large multinational PLCs. Absolutely zero appreciation for the commercial implications of their demands and this is all while they are pushing the Island to be great place to set up insurance business. 2 2 Quote Link to comment Share on other sites More sharing options...
Passing Time Posted February 21, 2023 Share Posted February 21, 2023 On 2/20/2023 at 9:02 AM, The Phantom said: Mrs Phantom works in Captive Insurance and I had a chat with her about the FSA meddling over the weekend. In the last year they have brought in the following new rules to be applied against her companies: A massive new reporting spreadsheet, the information within which needs to be audited prior to submission. Captives are already audited but this info is sufficiently different to require an additional audit, which doubles their audit fees which are approx £20k. Any changes in the ownership of the Captive need to be approved by the FSA before the changes. Bear in mind that many of these Captives are owned by large multinational PLCs. Absolutely zero appreciation for the commercial implications of their demands and this is all while they are pushing the Island to be great place to set up insurance business. The only thing they seem to excel at is to make the IOM the least desirable place to set up business... 1 Quote Link to comment Share on other sites More sharing options...
Andy Onchan Posted February 21, 2023 Share Posted February 21, 2023 On 2/15/2023 at 7:56 AM, offshoremanxman said: I’m just saying they should move the registry back it was generating a few million a year for them. It didn’t make much sense moving it away and it would take the pressure off the current revenue model. The £££ amount generated via the Registry is not pennies. I'd think twice about handing all of that dosh over to a regulator so that they can build an unnecessary empire. Having said that where Registry currently resides with DfE is also the wrong place. I can't help thinking that some of the charges levied by the Registry are akin to a tax. Quote Link to comment Share on other sites More sharing options...
offshoremanxman Posted February 21, 2023 Share Posted February 21, 2023 55 minutes ago, Andy Onchan said: The £££ amount generated via the Registry is not pennies. I'd think twice about handing all of that dosh over to a regulator so that they can build an unnecessary empire. So you’d rather the DfE spaffed it all on nothing instead? It would at least give the FSA a proper stable recurring income base without them having to look for fines to drive income. Quote Link to comment Share on other sites More sharing options...
Passing Time Posted February 21, 2023 Share Posted February 21, 2023 31 minutes ago, offshoremanxman said: So you’d rather the DfE spaffed it all on nothing instead? It would at least give the FSA a proper stable recurring income base without them having to look for fines to drive income. Ah bless... do you think for one moment that would happen. They'd take the money and still hand out fines. It's what they do to feel important Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.