Page 439 - IOM Law Society Rules Book

142 Financial Services Act 2008 c.8

(b) any other person acting on behalf of a designated body;
or

(c) any person acting pursuant to any authority conferred
by a designated body,

be liable in damages for, or in respect of, any act or matter done or
omitted to be done unless the act or matter done or omitted to be
done is shown to have been in bad faith.

(3) Subsection (2) does not apply so as to prevent the award
of damages made in respect of an act or omission on the ground
that the act or omission was unlawful as a result of section 6(1) of
[c.1] the Human Rights Act 2001 (acts of public authorities).

(4) In this section —

“designated body” means —

(a) the Treasury;

(b) the Commission;

(c) a body administering a scheme under section 25;

(d) a regulatory authority which is designated by
regulations made by the Commission;

(e) the Isle of Man Office of Fair Trading or an adjudicator to
whom a dispute has been referred to under Schedule 4;

“specified enactment” means —

(a) this Act;

(b) the Companies Acts 1931 to 2004;

(c) the Industrial and Building Societies Acts 1892 to 1993;

[c.16] (d) the Financial Supervision Act 1988;

[c.13] (e) the Companies Act 2006.
(5) This section shall not have effect in relation to any
action, suit or proceedings, whether commenced before or after
the date on which this section comes into operation, in respect of
any act or matter done or omitted to be done before that date.

(6) This section does not prejudice the generality of paragraph
[c.13] 6 of Schedule 1 to the Government Departments Act 1987 nor
[c.14] paragraph 11 of Schedule 2 to the Statutory Boards Act 1987.