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THE YEAR AT A GL ANCE
In 2016/17 we:
•
Introduced the Alternative Banking Regime.
•
Continued work on the Insurance Core Principle (ICP) project with significant progress in
progressing the Insurance (Amendment) Bill through the legislature, as well as ongoing
consultation on key elements of the programme.
•
Continued outreach to the insurance industry with the roll-out of Quantitative
Impact Studies to better understand the impact of the new capital requirements
under the ICP project.
•
Issued consultation on the Credit Unions (Amendment) Bill.
•
Authorised the first Credit Union in the Isle of Man.
•
Introduced the Financial Services Rule Book 2016 for licenceholders under the FSA08.
•
Maintained a robust supervisory programme with on-site visits, complimented by
annual business meetings, thematic reviews and attendance at supervisory colleges.
•
Participated in the MONEYVAL on-site assessment programme.
•
Participated in the OECD Global Forum Peer Review.
•
Continued selected enforcement action including issuing prohibitions under section
10A FSA08 and commencing director disqualification proceedings under CODA09.
•
Supported the work of others through on-going domestic working partnerships with
the Treasury, Department of Economic Development, the Financial Intelligence Unit,
the Department of Home Affairs and continued exchange of information through
existing gateways.
•
Maintained ongoing engagement with our international colleagues by responding to
and making requests for information under Multilateral Memoranda of Understanding.
Isle of Man Financial Services Authority Annual Report 2016/17 • 7