The Financial Supervision Commission on the Isle of Man has extended the deadline for responses to its consultation on modernising financial services.

In the second consultation paper on the Consolidation and Review of Financial Services Legislation, also called CAROL, the Commission outlined initial proposals for regulated activities, exclusions and exemptions, including clarification of the definition of “giving investment advice”.

Issued on 1 June, the deadline for responses was meant to end on 31 July, but following feedback from the Legislative Liaison Group, (made up of representatives of professional bodies and formed specifically to liaise with the Commission over the CAROL project), the Commission has decided additional time is needed to review the draft secondary legislation.

The deadline has now been extended to 30 September, and if required the Commission has offered to meet with representatives of professional bodies to help with the review of the proposed legislation.