Helping to future-proof the Island’s finance sector
The Isle of Man Financial Services Authority’s Annual Report for 2021/22 sets out its commitment to supporting a vibrant, diverse and well-regulated Manx economy.
A firm focus is being placed on innovation and sustainability as part of our efforts to future-proof the Island’s financial services sector.
The report highlights the progress that has been achieved by the Authority in meeting our objectives of protecting consumers, reducing financial crime, and maintaining confidence in the financial services sector through effective regulation.
Updates are provided on a range of priority initiatives, including the transition to a new funding model, and the implementation of a more targeted supervisory approach, with an increased emphasis on risk and impact.
Embracing technology and enhancing data management and analytics are identified as key factors in enabling the Authority to maximise the effectiveness of its resources. The intention is to capture opportunities to work more proactively, streamline processes, and improve the speed to market for lower risk entities.
The annual report, which covers the period 1 April 2021 to 31 March 2022, also highlights the Authority’s contribution to the Island’s reputation as a responsible and internationally-compliant jurisdiction.
A robust regulatory environment is seen as an important selling point for firms competing in the global marketplace and supports efforts to attract quality new business, investment and jobs.