Nikesh Pandit and Raoul Colvile achieve outcome with the Isle of Man Financial Services Authority in relation to regulated corporate and trust services provider
Nikesh Pandit and Raoul Colvile were instructed by the Isle of Man Financial Services Authority (IOMFSA) to assist in the investigation and early settlement of this matter relating to a regulated corporate and trust services provider. As set out in the IOMFSA’s public statement (link below), the investigation identified a range of material weaknesses at all levels of the firm’s control and governance structure during the period 2010 and 2020. This included failures by the firm to organise and control its affairs in a responsible manner; deficient systemic AML policies and procedures; and conduct of business failings in respect of entities administered by the firm. Through the Authority’s Enforcement Decision-Making Process, the IOMFSA and the firm agreed a civil penalty in the sum of £421,744 discounted by 30% to £295,221 due to the firm’s self-report, cooperation and extensive remediation.
The IOMFSA’s full public statement is available at https://www.iomfsa.im/fsa-news/2022/aug/public-statement-concerning-the-regulatory-investigation-of-the-isle-of-man-financial-services-authority-in-respect-of-trident-trust-company-iom-limited-and-the-associated-outcomes/