Should family office-type services be regulated? The Isle of Man Financial Services Authority is inviting feedback regarding the provision of these type of services for ultra-high-net-worth families.
The intention is to gain a clearer picture of the number of Family Office-type services that are being managed in or from the Island, as well as the nature and extent of the activities.
The Call for Input, published on the Government Engagement Hub on 15th May 2024, also seeks views on the possible future treatment of such activities.
Three high-level options are set out in the document to gauge opinion on whether this type of activity should continue to sit outside the regulatory perimeter, or if it should be subject to registration and oversight requirements, or regulatory and supervision requirements.
In addition to informing an upcoming standalone risk assessment of Legal Persons/Legal Arrangements, the responses to the Call for Input will feed into the Isle of Man’s updated National Risk Assessment (NRA). The NRA is currently being conducted as part of the Island’s anti-money laundering and countering the financing of terrorism (AML/CFT) long-term effectiveness programme.
Lucy Hendy, Senior Manager AML/CFT Supervision Division, said: “The Authority plays a leading role in the collection of data to inform AML/CFT risk across different sectors. I would encourage people to submit their views about Family Office-type services to enhance understanding of this important area and to shape our potential next steps. The gathering and analysis of data helps us to strengthen the effectiveness of our AML/CFT regime and ensure the Island continues to meet international standards.”
Interested parties can respond to the Call for Input via the online survey, by email to aml@iomfsa.im, or by post to Lucy Hendy, Senior Manager AML/CFT Supervision Division, IOM Financial Services Authority, PO Box 58, Finch Hill House, Bucks Road, Douglas, IM99 1DT. The deadline for submissions is 26th June 2024.
A summary of responses will be published on the Authority’s website in due course, while further research and public consultation will take place to explore future options.
