On Air Early Breakfast Chris Williams | 5:00am - 7:30am

Insurance firm fined almost £90,000 for regulatory breaches

FSA says failings were systemic and long-standing

A Manx insurance firm has been fined nearly £90,000 for regulatory failings.

The Isle of Man Financial Services Authority handed Isle of Man Assurance Limited an £87,108 civil penalty after systemic and long-standing problems were found.

The report found the firm failed to undertake adequate customer risk assessments, technological risk assessments and monitor customer and business relationships.

The FSA says the penalty reflects the serious nature of the failings identified, and hopes it will encourage others to comply with the legal and regulatory requirements of the insurance sector.

Its findings state IOMA fully co-operated with the investigation and have accepted the outcome.

The sum was reduced by 30% from almost £125,000, and the company has already taken steps to fix the issues, engaging a third party to report progress.

More from Isle of Man Business