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Financial Supervision Commission Updates its Licensing Policy, and issues a statement on staff recruitment procedures 9 May 2006

The Financial Supervision Commission’s Licensing Policy has been updated to incorporate the guidance on sector and role-specific competencies set out in the recently launched Training and Development Framework . No other changes have been made except to clarify the competence requirements for controllers of licenceholders. The new Licensing Policy has been published on the Commission’s website.

In addition, the Commission has issued on its website guidance to its licenceholders on staff recruitment procedures . This guidance draws licenceholders’ attention to the risks of insider fraud and reflects recent developments in other jurisdictions. The Commission is encouraging licenceholders to consider whether they could strengthen their personnel procedures, in particular in the recruitment of new staff.

If you have any queries, please contact:

Jane Bates,
Head of Policy and Legal Unit,
Financial Supervision Commission,
P O Box 58, Douglas,
Isle of Man, IM99 1DT
Tel: +44 (0) 1624 6893334

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