FSC/IPA Merger

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

Overview

On 10 November 2014, the Isle of Man’s then 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. The merger aimed to provide consistency of regulatory approach and efficiencies via 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 Authority’s new Chief Executive, Ms Karen Badgerow, and the Board of the new Authority were also appointed by 1 November 2015. Detailed operational matters are being reviewed across all areas – 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.