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Class 1 - Deposit Taking

Deposit-taking

A licence to carry on the Class 1 regulated activity of Deposit Taking permits a business operating in or from the Isle of Man (with certain specified exclusions) to accept deposits of money, where —

(a) the money received by way of deposit is lent to others; or

(b) any other activity of the person accepting the deposit is financed wholly, or to a material extent, out of the capital of or interest on the money received by way of deposit.

Full details of regulated activities, exclusions and exemptions from licensing may be found in the Deposit taking handbook. A licenceholder is obliged to comply with any licence conditions that have been imposed by the Commission and which are shown on the licence.

The Deposit taking handbook also contains links to other legislation relating to licenceholders, including the Financial Services Rule Book which contains the detailed rules to be complied with by all licenceholders. Guidance on rules and on other regulatory matters may also be found in the handbook.

All deposit-takers must be members of the Depositors' Compensation Scheme except for certain banks and building societies that may be exempted if they do not take retail deposits.

The Commission’s General Licensing Policy provides guidance for licenceholders. A licenceholder and its key staff are required to be fit and proper persons. The Commission’s licensing policy is to apply a test of fitness and propriety in the key areas of integrity, competence and solvency.

Licenceholders should also note the requirements of anti money laundering legislation and handbook.