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Bridgewater


Ramseyboi
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3 hours ago, Manx Bean said:

I wonder how many other firms are saying There but for the grace of God go I' and are busy rifling through their files?

Tidying up. See Treasury Minister for details.

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Edited by Barlow
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1 hour ago, Max Power said:

£225k? A drop in the ocean. Appoint some retired local 'worthies' as directors, take a 'back seat' and business as usual!

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. 

Edited by offshoremanxman
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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. 

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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 😂

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18 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

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. 

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