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The Financial Services Review Committee Panel 23 July 2007

The Appointments Commission* is seeking applications from individuals for membership of the Panel from which a Financial Services Review Committee may be appointed. Appointments to the panel will take effect from 1st November 2007.

• What is the Financial Services Review Committee?

A Financial Services Review Committee (“a Review Committee”) is appointed under the following:

• section 15(4) of the Investment Business Act 1991;
• section 24(4) of the Banking Act 1998;
• section 18(4) of the Corporate Service Providers Act 2000;
• section 38(4) of the Retirement Benefits Schemes Act 2000;
• section 4B of the Building Societies Act 1986;
• section 29B of the Insurance Act 1986;
• section 5Aof the Financial Supervision Act 1988.

An application for a review is made to the Chief Secretary who reports the application to the Council of Ministers. The Centralised Tribunals Administration then selects a Review Committee from the Panel. A Review Committee consists of three persons – one is the Chairman, who must be a barrister, advocate or solicitor of not less than 7 years standing, and two other members. All must have appropriate experience and be independent of the Financial Supervision Commission/Insurance and Pensions Authority, as appropriate.

• What does the Financial Services Review Committee do?

The function of a Review Committee is to review decisions made by the Financial Supervision Commission or the Insurance and Pensions Authority/Insurance and Pensions Supervisor to:

• Refuse, renew, revoke or suspend a licence;
• Grant or renew a licence subject to conditions;
• Vary any condition attached to a licence;
• Issue a direction;
• Refuse to revoke a direction;
• Require a licence holder to pay a penalty;
• Issue a public statement;
• Withdraw an exemption in accordance with regulations.

The proceedings of the Committee are currently conducted in accordance with the Financial Services Review Regulations 2001. The Committee is administered by the Tribunals Centralised Administration in the General Registry.

• Who are the Appointments Commission looking for?

The Commission is looking for at least three advocates to be appointed to the panel, together with a number of lay members.

The Appointments Commission will be looking for people who have significant experience gained in any or the following fields: banking, investment business, funds, fiduciaries (corporate and trust services), insurance or pensions business, accounting, legal or regulatory.

With the exception of the Chairman, who must be a barrister, advocate or solicitor of not less than 7 years standing, applicants do not need any formal qualifications. However, academic and/or professional qualifications relevant to one or more of the sectors covered by the Committee’s remit will be relevant.

• How do I apply?

An information pack and further information about the role and the duties of the Committee are available from the Secretary of the Appointments Commission, c/o Government Office, Bucks Road, DOUGLAS. (Tel : 686266 Email : appointments.commission@gov.im)

If you are interested in applying you should contact the Secretary of the Appointments Commission to request an application form. Completed application forms should reach the Secretary by 20th August 2007. Late applications may be accepted by the Appointments Commission only at its discretion.

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*The Appointments Commission has been established by the Council of Ministers under the auspices of the Tribunals Act 2006 as an independent body. Its principal function is to make appointments to various Appeals Tribunals and other bodies covered by the statutory provisions of the Tribunals Legislation.

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