This section of the Authority’s website provides an overview of current and future programmes of work to enhance its regulatory and oversight frameworks.
The regulatory framework for pensions business
Work is in progress on the drafting of a Retirement Benefits Schemes (Amendment) Bill to update the Retirement Benefits Schemes Act 2000 (‘RBSA00’). The draft legislation will be subject to a full public consultation in due course, and it is envisaged that we will also hold meetings with key stakeholders, such as the Isle of Man Association of Pension Scheme Providers, before the legislation is finalised.
Updates to other regulatory legislation
A second regulatory Bill, the Financial Services (Miscellaneous Provisions) Bill, is being drafted to update other legislation, namely the Financial Services Act 2008, Collective Investment Schemes Act 2008, Insurance Act 2008 and Designated Businesses (Registration and Oversight) Act 2015. This Bill will also be subject to a full public consultation and meetings will be held with key stakeholders in due course.