Banker Posted September 6 Share Posted September 6 3 hours ago, Sceptic said: The general perception is that they are a joke regulator whilst everyone else is being actively targeted for minor infringements for cash. Perception is that FSA are a bunch of pedantic twats issuing massive fines for minor offenses to fund their massive salaries and get rid of small businesses 1 1 Quote Link to comment Share on other sites More sharing options...
Roger Mexico Posted September 6 Share Posted September 6 (edited) 1 hour ago, slinkydevil said: Making a living off Buzzword Bingo. "People of the Isle of Man, I read an article and the future is blockchain let me tell you why... wait no the future is AI let me tell you why... wait the future is pig butchering let me tell you why..." Kerching. Mr Wraxell is seen here saying just how helpful and quick the Manx Government is, if you want a gaming licence. Amazingly this was published in May, after the King thing exploded (though it does look like it was recorded in March). Edited to add: For those unwilling to sit through the oddly wooden performance from both participants, there's a transcript here. Edited September 6 by Roger Mexico 1 Quote Link to comment Share on other sites More sharing options...
Kopek Posted September 6 Share Posted September 6 The FSA/GSA are a bunch of CS bods potted against international lawyers being paid millions to represent their clients. Who is likely to win??? A company like ''Amiga'', say all the the right words is something that we should pursue, surely? OK, they have to get their ducks in a row, pass DD and be of benefit to the Island then we shouldn't turn our nose up at them??? If they subsequently fail to pass scrutiny, then we should act. Close them down and mop up. Should we refuse 'apparently' genuine business lest it turns out to be bad? If it's good, have we lost out on something of benefit?? Should we complain if our Govt turns away good business on a vague suspicion??? Damned if...................... 1 Quote Link to comment Share on other sites More sharing options...
Sceptic Posted September 6 Author Share Posted September 6 1 hour ago, Banker said: Perception is that FSA are a bunch of pedantic twats issuing massive fines for minor offenses to fund their massive salaries and get rid of small businesses While on the other hand a load of deaf dumb and blind pseudo regulators give diplomatic immunity to a massive bunch of mega high earning chancers who are trashing our external reputation because it’s seen as the current public sector funding cash cow. 1 Quote Link to comment Share on other sites More sharing options...
puppet1 Posted September 6 Share Posted September 6 King apart, what are the offences you imply gaming companies are getting away with? If the financial companies offend less, there will be fewer penalties. Unless you are aware that egaming companies are getting away with murder, I don't understand your point. Quote Link to comment Share on other sites More sharing options...
Freggyragh Posted September 7 Share Posted September 7 (edited) Lets gets things in perspective. I'm guessing there's hardly a council in England that hasn't been conned by homegrown spivs with political connections as well as Chinese & Russian money launderers, Turkish barbers, Vietnamese nail bars, 24 hour car washes, etc., etc. Yes, we are just as much at risk as parochial England, as a very few of our Civil Service have lived outside the IoM nevermind outside Europe, so are hopelessly wet-behind-the-ears, but at least King Gaming have been dealt with. In England they'd be sitting in the House of Lords. Edited September 7 by Freggyragh Quote Link to comment Share on other sites More sharing options...
The Phantom Posted September 7 Share Posted September 7 (edited) 11 hours ago, Banker said: Perception is that FSA are a bunch of pedantic twats issuing massive fines for minor offenses to fund their massive salaries and get rid of small businesses I think they just want to force a consolidation of the industry. So all the small businesses have to sell out to something like Equiom. Then there are only a couple of massive firms left that can afford to employ 100s of Compliance bods to treat all their clients like criminals and pay a massive fee to the regulator every year. Their current hard-on is for 'thematic reviews' which require firms to report on stuff that has never been required to record, consolidate or report before. Via a 60 tab excel document that is full of errors and broken links. If you employ people to make and enforce rules. They are not going to stop making rules and will make up more and more ways to reach their targets. Edited September 7 by The Phantom 1 Quote Link to comment Share on other sites More sharing options...
The Phantom Posted September 7 Share Posted September 7 13 hours ago, Two-lane said: Can someone give a somewhat simple description of what the Blockchain Office does, and what a blockchain sandbox is? If it involves Greek letters, that's going to be too complex for me. The sandbox is supposed to be a place where they can test their block chain based product/service. Many of these products will require regulation or their non-blockchain based comparative is already regulated. This gives them a chance to test and collaborate with the regulator to agree sensible rules. However it doesn't exist. Its smoke, mirrors and buzzwords. I have a couple of clients that came here after seeing the 'Blockchain Sandbox' being marketed. We've never been able to find anyone in Govt to talk to about it or actually use it. 2 1 Quote Link to comment Share on other sites More sharing options...
Sceptic Posted September 7 Author Share Posted September 7 (edited) 6 hours ago, Freggyragh said: at least King Gaming have been dealt with. In England they'd be sitting in the House of Lords. How have they been dealt with? The list of enforcement orders and fines for the FSA is published online https://www.iomfsa.im/enforcement/enforcement-action/ Has anyone linked to King been 1. Fined by the GSC? 2. Prohibited from performing any sort of controlled function by the GSC? 3. Censored or sanctioned or publicly shamed or named in any other way at all by the GSC? Or 4. Has the company itself, it’s board, or its bankers been fined or sanctioned in anyway at all by the GSC? The answer is none of the above. The license has simply been quietly pulled. Nothing to see here move on. Whilst a list of, largely Manx people actually as opposed to Chinese fraudsters, appears on the FSA website for being dealt with as above in situations probably 0.0005% less publicly embarrassing for the IOM, or 0.0005% likely to have caused any structural financial risk to the IOM at all. Edited September 7 by Sceptic Quote Link to comment Share on other sites More sharing options...
Albert Tatlock Posted September 7 Share Posted September 7 1 hour ago, Sceptic said: How have they been dealt with? The list of enforcement orders and fines for the FSA is published online https://www.iomfsa.im/enforcement/enforcement-action/ Has anyone linked to King been 1. Fined by the GSC? 2. Prohibited from performing any sort of controlled function by the GSC? 3. Censored or sanctioned or publicly shamed or named in any other way at all by the GSC? Or 4. Has the company itself, it’s board, or its bankers been fined or sanctioned in anyway at all by the GSC? The answer is none of the above. The license has simply been quietly pulled. Nothing to see here move on. Whilst a list of, largely Manx people actually as opposed to Chinese fraudsters, appears on the FSA website for being dealt with as above in situations probably 0.0005% less publicly embarrassing for the IOM, or 0.0005% likely to have caused any structural financial risk to the IOM at all. This is a multilayered onion, quite a deep investigation, apparently discovered through seemingly unrelated acts...so it's a bit unfair yet to draw these kinds of conclusions. Let's see what the investigations finally tell us before assuming the whole chain failed here, which IMO it did not. 1 Quote Link to comment Share on other sites More sharing options...
Luddite Posted September 7 Share Posted September 7 Right on it Sceptic! The tragedy of all that is that we, the tax payer are paying for it all. Regulators in the Isle of Man, their salaries and pensions are paid for by the tax payer. Anywhere else in the world regulation is industry financed or the controlling Government (not that they should be) find innovative ways to promote. I guess it is all IoM centric however, most businesses and industries can’t survive without the Government buck. Pubs, restaurants and Private Schools included. The only saviour will be an Independent Commission of Inquiry, long overdue but, that would require Rupert to wake up from his Utopian trance and earn his 700k plus subsidised lifestyle. God forbid him having to consider a decision without consulting his Kimosabe. Life in EV goes on and it won’t change! 1 Quote Link to comment Share on other sites More sharing options...
John Wright Posted September 7 Share Posted September 7 1 hour ago, Sceptic said: How have they been dealt with? The list of enforcement orders and fines for the FSA is published online https://www.iomfsa.im/enforcement/enforcement-action/ Has anyone linked to King been 1. Fined by the GSC? 2. Prohibited from performing any sort of controlled function by the GSC? 3. Censored or sanctioned or publicly shamed or named in any other way at all by the GSC? Or 4. Has the company itself, it’s board, or its bankers been fined or sanctioned in anyway at all by the GSC? The answer is none of the above. The license has simply been quietly pulled. Nothing to see here move on. Whilst a list of, largely Manx people actually as opposed to Chinese fraudsters, appears on the FSA website for being dealt with as above in situations probably 0.0005% less publicly embarrassing for the IOM, or 0.0005% likely to have caused any structural financial risk to the IOM at all. But it’s a staged process. 1. Restrict or remove ability to operate 2. investigate, including allowing the accused a right to reply/defend 3. consider evidence 4. come to decision and impose penalty 1 minute ago, Luddite said: Right on it Sceptic! The tragedy of all that is that we, the tax payer are paying for it all. Regulators in the Isle of Man, their salaries and pensions are paid for by the tax payer. Anywhere else in the world regulation is industry financed or the controlling Government (not that they should be) find innovative ways to promote. I guess it is all IoM centric however, most businesses and industries can’t survive without the Government buck. Pubs, restaurants and Private Schools included. The only saviour will be an Independent Commission of Inquiry, long overdue but, that would require Rupert to wake up from his Utopian trance and earn his 700k plus subsidised lifestyle. God forbid him having to consider a decision without consulting his Kimosabe. Life in EV goes on and it won’t change! The cost is being transferred to the industry. Regulation here brings in more in fees, charges, penalties than it costs. Quote Link to comment Share on other sites More sharing options...
Sceptic Posted September 7 Author Share Posted September 7 16 minutes ago, Albert Tatlock said: This is a multilayered onion, quite a deep investigation, apparently discovered through seemingly unrelated acts...so it's a bit unfair yet to draw these kinds of conclusions. Let's see what the investigations finally tell us before assuming the whole chain failed here, which IMO it did not. Sorry I forget that this forum is operated largely by people making a fortune out of this crooked industry. I apologize for trying to point out a two tier system that could be said to exist in the IOM which seems to actively look for soft target locals and financial services businesses to penalize while the other half appears to successively let international fraudsters who are making millions off the hook. 1 1 Quote Link to comment Share on other sites More sharing options...
Gladys Posted September 7 Share Posted September 7 8 minutes ago, Sceptic said: Sorry I forget that this forum is operated largely by people making a fortune out of this crooked industry. I apologize for trying to point out a two tier system that could be said to exist in the IOM which seems to actively look for soft target locals and financial services businesses to penalize while the other half appears to successively let international fraudsters who are making millions off the hook. But the investigation isn't complete yet. John has explained, broadly, the process and there is a due process. Arrests have been made, they are not off the hook. Quote Link to comment Share on other sites More sharing options...
Luddite Posted September 7 Share Posted September 7 “John Wright” is probably just yet ANOTHER Manx Advocate who has accepted a lucrative Government contract from the Ministry of Propaganda. The IoM Law Society has also likely sanctioned that practice. You are wasting your breath here Sceptic, the Stasi will be knocking at your door next! Be lucky! Quote Link to comment Share on other sites More sharing options...
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