IOMFSA Strategic Plan 2021-2024
Date: 23 November 2021
Authority’s Strategic Plan sets out blueprint for the future
The Isle of Man Financial Services Authority has set out its blueprint to maintain the Island’s reputation as a well-regulated international finance centre.
The Strategic Plan for 2021-24 highlights the goals and priorities that will lead initiatives to protect consumers, reduce financial crime and uphold confidence in the financial services sector.
Work will continue to be undertaken to enhance the Authority’s core regulatory, supervisory and enforcement activities, while an ambitious programme of innovation will ensure it remains well placed to support a dynamic industry.
The Strategic Plan also provides an insight into changes that will impact consumers and businesses, including more effective use of data, strengthening resources to respond to AML/CFT-related risks, building out operational resilience, and introducing updated legislation within the pensions industry.
Progress will be underpinned by a commitment to openness and transparency to ensure stakeholders are kept informed of key developments, such as the work to reduce the Authority’s level of financial support from the Isle of Man Government.
Lillian Boyle, Chair of the Financial Services Authority Board, said: ‘It is important for any organisation to take a step back from its day-to-day operations and reflect on where it is headed. The Strategic Plan is a roadmap for the future and informs a wider audience of how we intend to deliver our long-term goals.’
Bettina Roth, Chief Executive of the Authority, added: ‘Plans are by their nature dynamic and we will continue to be flexible to embrace innovation and adapt to change. Everything we do must be aligned to our strategic objectives, as in a wider context, the integrity of our regulatory system adds value to the Isle of Man’s offering, protects our core foundations and helps to attract new business and jobs.’
The Isle of Man Financial Services Authority Strategic Plan is available to view online at https://www.iomfsa.im/publications