Max Power Posted November 25, 2021 Share Posted November 25, 2021 21 hours ago, Ramseyboi said: Ouch. https://gef.im/2021/11/24/fsa-slaps-bridgewater-with-225000-fine/ £225k? A drop in the ocean. Appoint some retired local 'worthies' as directors, take a 'back seat' and business as usual! 2 Quote Link to comment Share on other sites More sharing options...
Barlow Posted November 25, 2021 Share Posted November 25, 2021 (edited) . Edited November 25, 2021 by Barlow Quote Link to comment Share on other sites More sharing options...
The Phantom Posted November 25, 2021 Share Posted November 25, 2021 They've already parachuted in a new Director probably to sort it all out. I don't think they have actually done anything dodgy. They just had poor AML, CDD controls etc. 1 Quote Link to comment Share on other sites More sharing options...
Manx Bean Posted November 25, 2021 Share Posted November 25, 2021 4 hours ago, offshoremanxman said: This firm looks like it’s a company, trust and fund admin so entirely a situation for the FSA so not sure how relevant your IPA mention is. Makes you wonder how long it’s last inspection was if things are so bad? Lack of a conflicts policy (where people clearly have conflicted roles) and failure to risk rate and monitor business are fundamental failings. There’s very few left not even doing the basics like that I’d suggest. Interesting that the company website that’s now disappeared from the internet. Prior to the FSA, the Isle of Man had two regulators - the FSC that regulated banks, and the IPA that regulated insurance companies and financial advisors. Quote Link to comment Share on other sites More sharing options...
Non-Believer Posted November 25, 2021 Share Posted November 25, 2021 1 hour ago, offshoremanxman said: There aren’t many worthies left. The ones who don’t ask questions or sign anything put in front of them are a dying breed. Just the ones left that we elect now 😂 2 Quote Link to comment Share on other sites More sharing options...
The Voice of Reason Posted November 25, 2021 Share Posted November 25, 2021 13 hours ago, offshoremanxman said: Not sure their compliance function does seem to have been spectacularly s**t. Paging Gladys and her Nolan principles! Quote Link to comment Share on other sites More sharing options...
Gladys Posted November 25, 2021 Share Posted November 25, 2021 3 minutes ago, The Voice of Reason said: Paging Gladys and her Nolan principles! Nolan Principles apply to those in public positions not private business, although some may be applicable in both settings. 1 Quote Link to comment Share on other sites More sharing options...
The Voice of Reason Posted November 25, 2021 Share Posted November 25, 2021 8 minutes ago, Gladys said: Nolan Principles apply to those in public positions not private business, although some may be applicable in both settings. What’s good enough for the public sector should be the same for the private. Goose for the gander etc Quote Link to comment Share on other sites More sharing options...
Banker Posted November 25, 2021 Share Posted November 25, 2021 6 minutes ago, The Voice of Reason said: What’s good enough for the public sector should be the same for the private. Goose for the gander etc The principles are expected of someone in public office but not the law , most private companies have their own ethical standards 1 Quote Link to comment Share on other sites More sharing options...
The Voice of Reason Posted November 25, 2021 Share Posted November 25, 2021 13 minutes ago, Banker said: The principles are expected of someone in public office but not the law , most private companies have their own ethical standards And a lot don’t. They may be written into their corporate, mission statements whatever. Whether they comply with them is a different matter. Quote Link to comment Share on other sites More sharing options...
finlo Posted November 25, 2021 Share Posted November 25, 2021 3 minutes ago, offshoremanxman said: Public listed companies have very highly prescribed rules on governance and conduct. The Nolan Principles were prescribed in relation to Standards in Public Life for public sector members. In this instance it’s a regulated private business. It failed to meet regulatory requirements. It cost them over two hundred grand plus those affected are unlikely to work again in financial services. Unlike failed public sector employees who often get to stay in post no matter how thoroughly corrupt or incompetent they might be. Or more than likely promoted out of harm's way! 3 Quote Link to comment Share on other sites More sharing options...
The Voice of Reason Posted November 25, 2021 Share Posted November 25, 2021 12 minutes ago, offshoremanxman said: Public listed companies have very highly prescribed rules on governance and conduct. The Nolan Principles were prescribed in relation to Standards in Public Life for public sector members. In this instance it’s a regulated private business. It failed to meet regulatory requirements. It cost them over two hundred grand plus those affected are unlikely to work again in financial services. Unlike failed public sector employees who often get to stay in post no matter how thoroughly corrupt or incompetent they might be. And your evidence for your last sentence? I think you’ve made that up Quote Link to comment Share on other sites More sharing options...
The Voice of Reason Posted November 25, 2021 Share Posted November 25, 2021 Just now, offshoremanxman said: Think all you like troll. Prove me wrong. Just provide some evidence as requested. Quote Link to comment Share on other sites More sharing options...
The Voice of Reason Posted November 25, 2021 Share Posted November 25, 2021 Just now, offshoremanxman said: I know three PS employees who are still in post after it being known that they have been implicated in fraudulent activities. I’m hardly going to name them here. But sweeping it under the carpet happens more frequently than it does in the private sector where people usually have to leave the IOM. That’s not really evidence is it.? It’s just you making more stuff up. Quote Link to comment Share on other sites More sharing options...
NoTailT Posted November 25, 2021 Share Posted November 25, 2021 Ever heard of Ann Reynolds? Point proven. Move on. At least she's gone now. 2 Quote Link to comment Share on other sites More sharing options...
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