Claire Whitelegg, Deputy Director Funds and Investment Services - Supervision Division, Isle of Man Financial Supervision Commission explains the new standard for Isle of Man Financial Advisers
For many years, the Isle of Man Financial Supervision Commission (FSC) has worked closely with local advisers over standards of advice for retail investors. Over the last 2 years this work has been tied up under a Retail Distribution Review (RDR) banner; but Manx RDR is different. It draws from the UK RDR approach but is designed to meet the needs of the Manx marketplace and the Manx system. Manx RDR is not a mirror of the UK regime, which came into effect on 1 January 2013. In some areas Manx RDR and UK RDR are similar, for example: Anyone providing financial advice to retail i...
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