IoM Regulator Consults on 2017 Fee Increase

The Isle of Man Financial Services Authority, which regulates the island's financial sector, has proposed to increase fees for regulated businesses by last year's rate of inflation.

The fee increase applies to entities licensed, authorized, or registered under the Financial Services Act 2008, Insurance Act 2008, Retirement Benefit Schemes Act 2000, or that have responsibility for funds under the Collective Investment Schemes Act 2008. No fee increase is proposed for designated businesses.

The Authority said that it intends to carry out a full review of its fee structures and to produce a comprehensive schedule of fee categories and levels. In the meantime it is proposing an inflation rate fee increase.

Interested parties are invited to comment on the proposed fee increase by January 6, 2017.