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Isle of Man Government
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I.O.M.F.S.A

Merger of the Insurance and Pensions Authority and Financial Supervision Commission into the Isle of Man Financial Services Authority

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Overview

On 10 November 2014, Treasury Minister Eddie Teare MHK announced that the Insurance and Pensions Authority (‘the IPA’) and the Financial Supervision Commission (‘the FSC’) were working towards a merger in 2015. In reaching this decision, the Treasury consulted closely with both organisations and with stakeholders across Government and the private sector. It is hoped that the decision to merge both organisations will offer a wide range of benefits in terms of enhanced capabilities, consistency of regulatory approach and efficiencies in the longer term by creating a unified financial services regulator for the Isle of Man.

The Transfer of Functions (Isle of Man Financial Services Authority) Order 2015 (‘the TOFO’) was approved by Tynwald in March 2015 and created the legal basis for the formation of the Isle of Man Financial Services Authority (‘the Authority’). The main provisions of the TOFO came into force on 1 November 2015. The TOFO established the Authority, transferred the functions of the IPA (including the Insurance and Pensions Supervisor) and the FSC to the Authority, dissolved the IPA and the FSC and made appropriate consequential strategy amendments.

The planned merger date of 1 November 2015 allowed time to complete the appointment process for the Authority’s new Chief Executive, Ms Karen Badgerow, and the appointment by Treasury of the Board of the new Authority. During that time, progress was made on ensuring that key operational issues were addressed prior to the transfer of functions in order to minimise the impact on regulated persons.

Following completion of the transfer of functions on 1 November 2015, discussions continue in respect of the detailed operational matters that will require further review under the stewardship of the newly created Authority and in co-ordination with Treasury, wider Government and industry. Opportunities across all areas will be considered in detail – for example, through more coordinated supervision of licenceholders, sharing of expertise and experience, enhanced strategic and operational work in relation to anti-money laundering and countering the financing of terrorism, and savings and efficiencies through combining administrative functions and IT systems.

Please refer to the Press Release History and Frequently Asked Questions for further information on merger progress.

Press Release History

Formal press releases in relation to the merger can be accessed by the following links:

Frequently Asked Questions

A ‘Frequently Asked Questions’ document has been prepared in order to address queries in relation to the merger from interested parties. The FAQ document can be accessed by the following link and continues to be updated as work on the merger progresses:

Please contact one of the individuals listed at the bottom of this webpage if you have a question in relation to the merger that is not answered in the FAQ document. We will respond to your query directly and, if appropriate, update the FAQ document to include any relevant information.

Contact Us

Please contact one of the following individuals if you have any queries in relation to the merger.