Isle of Man: Law of Offshore
This page was last updated on 27 January 2020.
Banks are regulated by the Isle of Man Financial Services Commission (IOMFSC) under the Financial Services Act 2008. This legislation simplified the licensing regime and consolidated several pieces of financial services legislation including the Financial Supervision Act 1988 and the Banking Act 1998 into one act. The underlying regulations remained largely unchanged, though the term 'banking' was reclassified as 'deposit taking.'
The Banking Act (as amended) recognised the contractual duty of a banker to keep the affairs of his customer confidential and customer entitlement to confidentiality. There were very few limited exceptions to these principles, set out in the Financial Supervision Act 1988, and these included circumstances where disclosure was required to help in criminal proceedings or enable the IOMFSC to discharge its statutory functions.