Isle of Man Insurance Management has been fined £7,770 after an investigation by the FSA.

The Financial Services Authority conducted an investigation in May 2019 to determine if the company was ’fit and proper’.

The investigation identified a range of issues in relation to IOMIM’s compliance with both the Code and the CGC that, on reasonable grounds, brought into question IOMIM’s fitness and propriety.

Amongst those matters established were that IOMIM:

â?¢ Was unable to evidence that it had been undertaking customer risk assessments for large periods of time and that those in more recent times were inadequately documented

â?¢ Had failed to undertake a formal technological risk assessment

â?¢ Failed to evidence appropriate arrangements to effectively monitor customer and business relationships on an ongoing basis

â?¢ Failed to evidence that it was operating appropriate procedures and controls in respect of or monitoring higher risk clients and/or clients who were/are politically exposed persons

The FSA said: ’The matters above were aggravated due to the long-standing period of time over which noncompliance occurred and because a number of the matters identified by the authority had previously been reported IOMIM by its control functions.’