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Draft Banking (General Practice) Regulatory Code 2005 – Consultation Feedback 25 October 2005

    We have reviewed all comments received and have made a number of changes to the Code as a result of these comments. The final draft of the Code and a table summarising those changes is now on the web-site and can be found at http://www.fsc.gov.im/doclibrary/feedback.xml

    We expect to present the “final” draft of the Code to both Treasury and Tynwald for approval before the end of this year. It is proposed that the Code be implemented from 1st July 2006.

    We have now written to all banking licenceholders and others who have submitted comments outlining the main results of the consultation exercise. Individual letters have also been sent to parties who raised more specific issues.

    The consultation exercise is now complete and the Commission is of the opinion that all issues raised have been considered and appropriately addressed. The Commission will work with licenceholders and the Association of Licensed Banks during the implementation period to resolve any outstanding individual licenceholder issues.

    25th October 2005

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