FSA considering more civil penalties

The Financial Services Authority says it's considering more civil penalties for companies that break the law on beneficial ownership.

The rules which say companies should declare who really owns them were introduced in a law that dates back to 2017.

But a consultation's now opened on whether the FSA should expand its punishments by imposing more civil penalties instead of criminal fines when the rules are broken.

You can find the consultation, and have your say, by visiting consult.gov.im before February 28.