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IoM Update On New Financial Services Authority

by Jason Gorringe, Lowtax.net, London
09 April, 2015

The Isle of Man has announced that it is making progress towards the merger of the Insurance and Pensions Authority and the Financial Services Commission this year. The bodies, once merged, would become the Financial Services Authority (FSA).

The merger was announced in November last year. According to the Treasury, the deal will offer a wide range of benefits, including enhanced capabilities, consistency of regulatory approach, efficiencies and savings.

The Transfer of Functions Order, which creates the legal basis of the new Isle of Man Financial Services Authority, was approved in March. The Order establishes the Isle of Man Financial Services Authority, transfers the function of the FSC and the IPA to the Isle of Man Financial Services Authority, dissolves the FSC and the IPA and makes appropriate consequential strategy amendments.

It is envisaged that the Transfer of Functions (Isle of Man Financial Services Authority) Order 2015 will come into force fully on November 1, 2015. This will allow time to complete the appointment process for the new authority's chief executive, which will be overseen by a subcommittee comprising existing members of both the IPA and FSC boards.

Discussions are continuing in respect of detailed operational matters that will require further review under the oversight of the newly created authority, in coordination with Treasury, wider government, and industry.

Speaking in Parliament, Chief Minister Allan Bell recently said: "I believe it is absolutely essential that . . . we make every effort possible to preserve the best of both cultures. Yes, we have to have high-quality regulation. We have to have a regulator responsive to the international agenda to protect the Isle of Man and to ensure that our businesses can compete effectively in the markets. So it is most important that whoever populates the new regulator . . . they have to ensure this balance between regulation and commercial reality."

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