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IoM regulator to raise fees modestly

Chris Hamblin, Editor, London, 1 December 2016

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The Isle of Man Financial Services Authority is consulting interested parties about increasing fees from financial institutions to support its efforts.

The regulator's paper details the 2017 fees for entities that licensed, authorised or registered under the Financial Services Act 2008, the Insurance Act 2008, and the Retirement Benefit Schemes Act 2000, plus entities that are responsibile for funds under the Collective Investment Schemes Act 2008. It does not propose changes to the fees paid by designated businesses.

According to the draft Collective Investment Schemes (Fees) Order 2017, the application fee for a single-tier authorised scheme is to go up from £2,100 per fund to £2,130; the periodical fee from £1,450 per fund to £1,470. The application fee for an umbrella authorised scheme is to go up from £1,950 per fund to £2,130 and from £800 per sub-fund to £810; the periodical fee from £800 per sub-fund to £810. Other adjustments are equally modest.

The consultative period ends on 6th January.

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