On the 10th February 2022, the Isle of Man Financial Services Authority (‘The Authority’) released its response, following its consultation on proposed change to the Financial Services Tribunal Rules 2015 (‘The FST Rules’).
Why are these rules important?
The rules are particularly relevant to persons that may appeal against the decisions of the Isle of Man Financial Services Authority under the FST Rules.
What are the changes to the proposal?
Following the feedback gathered, The Isle of Man Financial Services Authority have added Paragraph (C) shown below to rule 6A of the FST Rules (‘Starting an appeal’), to add clarity and address respondents’ concerns regarding the exercise of discretion.
New Rule – 6A Summary
After rule 6 of the FST Rules (‘Starting an appeal’) a new rule is to be inserted ‘6A Grounds of appeal’.
The grounds of an appeal which must be included in the notice in rule 6(3) are that –
(a) the disputed decision is based on an error of fact; or
(b) the disputed decision is wrong in law; or
(c) the regulatory authority’s exercise of its discretion in relation to the disputed decision was so unreasonable that no reasonable regulatory authority would have exercised its discretion in such a manner.
When will the rules come into effect?
Subject to approval by Tynwald, the Financial Services Tribunal (Amendment) Rules 2022 will come into effect on the 1st April 2022.