Transfer of Functions to the Isle of Man Financial Services Authority on 1 November 2015 - IPA

On 1 November 2015, the functions of the Insurance and Pensions Authority (‘the IPA’), the Insurance and Pensions Supervisor and the Financial Supervision Commission (‘the FSC’) will transfer to a new statutory board, the Isle of Man Financial Services Authority (‘the Authority’). The IPA and the FSC will subsequently be dissolved.

The Chief Executive for the newly combined regulatory authority, Ms Karen Badgerow, was appointed on 5 August 2015 and will take up her position on 1 November 2015. In addition, the Treasury’s appointment of the Board of the new Authority was recently approved by Tynwald at the October sitting.

The merger of the IPA and FSC has been coordinated by a Steering Committee comprising members of the existing IPA and FSC boards in order to achieve a smooth handover to the new organisation. Progress has been made on ensuring that key operational issues are addressed prior to the transfer of functions on 1 November 2015 in order to minimise the impact on regulated persons. Once the new Chief Executive and Members of the Authority are in place, work can then begin on developing the new organisation to achieve greater integration of existing resources and processes in accordance with regulatory objectives.

The Steering Committee and existing IPA and FSC boards would like to take this opportunity to confirm that there will be no significant changes to the current regulatory environment from 1 November 2015. Achieving effective integration between existing IPA and FSC functions is a long-term objective that will need to be approached with due consideration by the new Chief Executive and Members of the Authority.

The Merger Frequently Asked Questions (‘FAQ’) document has been updated to provide additional clarification on the practical effects of the merger from 1 November 2015.

For background information in relation to the merger including previous Press Releases, please refer to the IPA’s Merger Webpage or the FSC’s Merger Webpage. If you wish to speak to someone in relation to the merger then please contact your Relationship Manager or one of the following individuals:

• Daniel Jones ¦ Tel: +44 (0) 1624 646007 ¦ Email: daniel.jones@ipa.gov.im

• Andrew Kniveton ¦ Tel +44 (0) 1624 689304 ¦ Email: andrew.kniveton@fsc.gov.im.

Insurance and Pensions Authority and Financial Supervision Commission