FSA revokes company's operating licence

Follows a number of serious regulatory failings

A Douglas based financial services company has had its operating licence revoked by the Isle of Man Financial Services Authority. 

The action against Wilton (IOM) Ltd took effect on Wednesday (24 January) and, according to the FSA, followed a number of serious regulatory failings by the Athol Street company.

It was part of the Wilton UK Group which went into administration in the UK in April last year; it also had offices in London, Dublin, Dubai, Bristol and Blackburn. 

The company had operated an Isle of Man office since 2009.

Among the failings, cited by the FSA, were the expiry of professional indemnity cover on the 29 December - at which time the company had no operational staff apart from its two directors. 

Furthermore one of the directors, who was also Wilton's money laundering reporting officer, had been unable to fulfil the role since March last year.

The report of the court appointed interim receiver concluded Wilton was both cash flow and balance sheet insolvent.

The authority has concluded that to allow Wilton to continue to hold a licence and undertake regulated activities, in and or from the Isle of Man, would have a significantly detrimental effect on the maintenance of confidence in the Island's financial services industry and its development as an international financial centre.

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