Isle Of Man's New Financial Regulator Issues Update
by Jason Gorringe, Lowtax.net, London
28 March, 2016
The Isle of Man's new financial services regulator has provided a progress update following the combination of the Financial Supervision Commission and the Insurance and Pensions Authority on November 1, 2015.
The Financial Services Authority – the product of the two organization's combination – says it is currently reviewing the way it engages financial services firms on prospective legislative and regulatory policy changes. This will result in the publication of a new policy paper in the next few months, it said. It will aim to improve engagement and make consultations more transparent and effective.
The Authority will also be issuing a consultation on proposed updates to the Financial Services Rule Book this year. Subject to the outcome of that consultation, the updated Rule Book would come into effect in early 2017.
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