Financial Supervision Commission - General Licensing Policy - Your comments reqd

Posted 23/12/2008 - 14:42 by Tricky Dicky

The IOM FSC, General Licencing Policy can be found here. It is dated July 2008. If you are prepared to read it and understand it, then your comments would be appreciated. There has been a lot of talk about taking the FSC to court for lack of diligence, well this is where you can start by finding areas in this document where lack of diligence has ocurred.
Comments need to be objective and factual

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Thanks mikepapa, As I am (or

Thanks mikepapa,

As I am (or rather was) a Mechanical, Production, & Planning Engineer, I too am a little out of my depth with this whole situation

One of the reasons for this specific blog was that there are a lot of comments from members about suing the FSC etc, and if that is one of our intentions then I felt they/we should at least read the relevant factual documentation.

Having been through litigation previously, I have found that legal bodies do not always 'read' documents in the same way. It can also reduce legal costs if some of the 'groundwork' is done by others.

For instance there is a requirement under section 6.2.1. for the bank to have Professional Indemnity Insurance, "Licenseholders must mitigate the business's exposure to extraordinary risk by taking out PII"

I also agree that our legal team(s) should have or are checking these documents as well, but that is an assumption at present, not a fact

Posted by Tricky Dicky on Tue, 23/12/2008 - 20:46
Dear Tricky Dicky, Thanks for

Dear Tricky Dicky,

Thanks for your Blog and posting of the FSC General Policy Document, which I have just looked at.

Frankly, as I am a marine engineer, I am a little out of my depth as to whether there are any grounds for legal redress.

I believe we / DAG have retained legal council in both IoM and London, the costs for which a number of us have contributed, and continue to contribute.

May I respectfully request that our council be asked to study the FSC Policy Document and give us an educated opinion on the subject?

I trust that you find this to be a constructive comment, and thank you for your continued effort.

Kind regards

Posted by mikepapa on Tue, 23/12/2008 - 20:15