Merger of the Financial Supervision Commission and Insurance and Pensions Authority
In November last year the Treasury announced that the Insurance and Pensions Authority and the Financial Supervision Commission 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 offers a wide range of benefits in terms of enhanced capabilities, consistency of regulatory approach and efficiencies.
Work is under way in respect of the detailed operational matters that will require further review under the stewardship of the newly created authority and in co-ordination with Treasury, wider Government and industry. Opportunities across all areas will be considered in detail – for example, through more co-ordinated supervision of licence-holders, sharing of expertise and experience, enhanced strategic and operational work in relation to anti-money laundering and countering financial terrorism and savings and efficiencies through combining administrative functions and IT systems.
The Transfer of Functions Order which creates the legal basis of the new Isle of Man Financial Services Authority was approved by Tynwald in March. The Order establishes the Isle of Man Financial Services Authority, transfers the function of the FSC and the IPA to the Isle of Man Financial Services Authority, dissolves the FSC and the IPA and makes appropriate consequential strategy amendments.
It is envisaged that the Transfer of Functions (Isle of Man Financial Services Authority) Order 2015 will come into force fully on 1st November 2015. This will allow time to complete the appointment process for the new authority's chief executive; which will be overseen by a subcommittee comprising existing members of both the IPA and FSC boards.
Please view the Isle of Man Government's Press Release on the matter.