Annual Report

Committed to 'Making a Difference'

The Isle of Man Financial Services Authority’s Annual Report for 2023/24 highlights how we are strengthening our core activities and embracing technology to create the right environment to foster a thriving and sustainable economy.

The theme of the report is ‘Making a Difference’ and captures the progress that we have made in meeting our objectives of protecting consumers, reducing financial crime and maintaining confidence in the finance sector through effective regulation.

After a period of significant change, the current focus is on embedding the updated supervisory approach and organisational structure, as well as enhancing data collection and analysis.

The report explains how the Authority is targeting resources in line with a firm’s size, the type of activities it conducts and its potential to disrupt the Island’s financial system. The aim is to deliver better outcomes by driving a consistent and proactive programme of supervisory engagement.

A firm focus is placed on working collaboratively with industry and Government in the best interests of the Island. This includes efforts to demonstrate the long-term effectiveness of the Island’s anti-money laundering and countering financial crime (AML/CFT) regime ahead of its next MONEYVAL evaluation.

The annual report, which covers the period 1 April 2023 to 31 March 2024, also sets out the Authority’s financial statements, in addition to providing updates on priority workstreams and an insight into future plans.

The report is available to view on the Publications section of the website.