Island firm to pay out over £60k in penalties

An Island financial company will have to pay out almost £63,000 in penalties after regulators found a number of failings.

Island Financial Solutions, based on Prospect Hill in Douglas, was investigated by the Financial Services Authority after a 2018 inspection exposed problems.

The FSA says the company breached pension regulatory requirements, misused its own group pension scheme, had an ineffective compliance regime, and didn't properly disclosed commission fees.

It imposed a civil penalty of £89,994 but discounted the amount to £62,996 after the company cooperated with the FSA.