Helping to maintain the Island’s positive reputation
The Isle of Man Financial Services Authority (the “Authority”) plays a key role in taking forward the Island’s reputation as a well-regulated and innovative finance centre.
The Authority was established in 2015 following the merger of the Financial Supervision Commission and the Insurance and Pensions Authority and its work is driven by three main regulatory objectives:
- Protecting consumers
- Reducing financial crime
- Maintaining confidence in the financial services sector through effective regulation
As a risk and impact-based regulator, we focus our resources on activities that are perceived as posing the greatest threat to our objectives.
Our approach to oversight, supervision and enforcement is in line with international standards and enables regulated entities to develop their businesses, while safeguarding the best interests of consumers.
We strive to achieve the highest level of regulatory transparency and engagement, and work closely with stakeholders, Government and global bodies within a dynamic industry.
Our remit covers sectors such as anti-money laundering and countering the financing of terrorism (“AML/CFT”) banking, insurance, funds and investments, pensions, trust and corporate services, and money transmission services.
In addition to our regulation and supervision functions, we have a number of other responsibilities, including the recognised auditor regime, company officer disqualification, and oversight of the beneficial ownership register.
We also act separately as the Island’s Resolution Authority, with the aim of protecting customer deposits and the stability of the wider financial system in the event that a bank fails.
Our core activities help to maintain the integrity of the financial serves sector and support the Isle of Man’s:
- status as a responsible partner to the international community;
- commitment to combatting money laundering and the financing of terrorism;
- strong track record of co-operation with international investigations;
- efforts to encourage fintech innovation;
- ability to enable regulated entities to successfully compete and develop their businesses; and
- adherence with global standards in respect of compliance and transparency.
A team of approximately 90 members of staff provide a wealth of experience and expertise, and are guided by our values of Acting with Integrity, Respecting Others, and Achieving Excellence.
The work of the Authority is overseen by a Board comprising suitably qualified members appointed by the Treasury and approved by Tynwald.
Please visit the other sections of this website to find out more about the Authority and how we deliver our regulatory objectives.