2018 Industry survey

Published on: 23 November 2018

The Isle of Man Financial Services Authority has published the results of its 2018 survey of regulated entities and designated businesses.

In January 2018 the Authority engaged Island Global Research, an independent market research and consultancy company, to undertake an industry perceptions study of all regulated entities and designated businesses. The study provided an opportunity for firms to opine on the performance of the Authority. The aim of the survey was to inform the Authority and to assist it to improve and develop its relationship with the firms it regulates, supervises and oversees.

This study consisted of two elements. Phase 1 involved an independent online survey distributed to all firms. The questionnaire sought feedback on the topics set out below.

Overall impression of the Authority: soliciting views on its role, effectiveness and impact.
Approach to Supervision and Oversight: including supervision, on-site visits, fitness and propriety assessments, authorisation, registration and enforcement.
Engagement with the Authority: seeking feedback in general and in relation to the Authority’s staff, guidance, consultation, events, publications, website and statistical information.

In phase 2, Island Global Research were asked by the Authority to explore some topics coming out from phase 1 in more depth, this included a desire to better understand some of the negative responses. The additional detail was obtained by interviewing the senior management from a sample of the phase 1 respondents.

The overall results of the survey were presented to industry at the Authority’s Industry Update held at the Villa Marina on 20 November 2018.

The executive summary and full report can be found on the publications section of the Authority’s website together with the Action Plan arising from the 2018 Industry survey. Actions arising from the survey will be prioritised and scheduled as the Authority sets its priorities for 2019/20 and progress will be reported upon in the Annual Reports of the Authority.