The start date of the Isle of Man’s Retail Distribution Review has been postponed to 1 February 2014 from 1 January 2014.
The island’s Financial Supervision Commission has conveyed the news to financial advisers and wealth managers through an emailed notice, according to International Adviser.
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The notice says that that the starting date of 1 February is subject to Council of Ministers and Tynwald approval.
Tynwald, the parliament of the Isle of Man, will discuss regarding this shift in its upcoming session scheduled from 21 to 23 January 2014.
The reason behind the delay has not been disclosed.
The move comes after the Jersey’s financial regulator published details of the island’s financial advisory industry to comply with changes introduced under its RDR-equivalent, known as the Review of Financial Advice (RFA) scheme.
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