Our approach to supervision
The Isle of Man Financial Services Authority adopts an impact and risk-based approach to supervision as set out in its Supervisory Methodology Framework.
We focus our resources on the greatest threats to our objectives of protecting consumers, reducing financial crime, and maintaining confidence in the financial services sector through effective regulation.
This ensures that our supervisory activities are proportionate to a firm’s size, the type of activities it conducts, and its potential to cause disruption to the Island’s financial system and economy.
We undertake supervision and oversight of regulated firms, designated businesses, and specified individuals through four dedicated supervisory divisions that work closely together.
One division focuses solely on the AML/CFT supervisory oversight of all sectors, with the other three divisions covering all other supervision and authorisation activity.
Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) Supervision Division
This Division is responsible for AML/CFT supervision and oversight of all regulated firms and designated businesses. It is also responsible for beneficial ownership oversight, as well as maintaining and updating AML/CFT policy and guidance.
General enquiries should be directed to the relevant teams at:
AML/CFT enquiries – email@example.com
AML/CFT returns – firstname.lastname@example.org
Beneficial ownership oversight and enquiries – Beneficial.Ownership@iomfsa.im
Registered Designated Business oversight enquiries – email@example.com
Prudential Supervision Division
This Division is responsible for the supervision of all deposit takers (banks), credit unions, and insurers. It is also responsible for managing the authorisation of new insurers.
The Division primarily operates through two teams; one covering the supervision of banks and credit unions, and another covering the supervision of insurers. Firms assessed as high or medium impact have a dedicated point of contact. General enquiries and communication from low impact firms should be directed to the relevant teams at:
High and Medium Impact (HMI) Supervision Division
This Division comprises two teams – the Supervision team and the Enhanced Supervision team. The Supervision team is responsible for the supervision of all regulated firms (except banks, credit unions and insurers) assessed as high or medium impact. The Enhanced Supervision team will manage enhanced supervision activity of regulated firms.
All firms supervised by the Division have a dedicated point of contact. General enquiries can also be directed to the relevant teams at:
Portfolio Supervision Division
This Division comprises two main teams - the Supervision team and the Authorisations team. The Supervision team is responsible for the supervision of all regulated firms (except banks, credit unions and insurers) assessed as low impact, in addition to discharging the Authority’s obligations in respect of certain collective investment schemes, retirement benefits (pension) schemes, and pension scheme administrators and trustees.
The Authorisations team is responsible for managing the authorisation process for applications to conduct regulated activity (except insurance), the registration of designated businesses, and the fit and proper assessment of controlled function role holders (individuals).
The Division does not operate dedicated named points of contact. General enquiries, applications and other communication from firms should be directed to the relevant teams at:
Portfolio firm supervision (excluding pensions) – firstname.lastname@example.org
Pensions – email@example.com
Authorisations – firstname.lastname@example.org
Designated Business Registrations – email@example.com