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Isle Of Man To Unify Financial Regulators

by Jason Gorringe, Lowtax.net, London
26 October, 2015

The Isle of Man Financial Services Authority will come into being on November 1, when three of the island's regulators will merge.

The FSA will take over the roles of the Isle of Man Financial Supervision Commission, the Insurance and Pensions Authority, and the Insurance and Pensions Supervisor, which will be dissolved.

The Tynwald voted for the formation of a unified financial services regulator on March 17, 2015, and approved members for the new Board in October. Members will serve a five-year term but, "to ensure a degree of continuity when the new Board comes into effect and to alleviate the risk of having to repopulate the entire Board at the end of the five-year term, the Treasury offered some of the successful candidates a term of two and a half years."

Eddie Teare, the Isle of Man's Treasury Minister, said: "Having one financial regulator for the island will produce a leaner, fitter system of regulation."

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