Authority helping to future-proof the Island’s finance sector

The Isle of Man Financial Services Authority has set out its commitment to supporting a vibrant, diverse and well-regulated Manx economy.

A firm focus is being placed on innovation and sustainability to better position the regulator within a rapidly evolving industry.

This is reflected in the Authority’s Annual Report for 2021/22, which carries the theme of ‘future-proofing the Island’s financial services sector’.

The report highlights the progress that has been achieved by the Authority in meeting its objectives of protecting consumers, reducing financial crime, and maintaining confidence in the financial services sector through effective regulation.

Updates are provided on a range of priority initiatives, including the transition to a new funding model, and the implementation of a more targeted supervisory approach based on risk and impact.

Embracing technology and enhancing data management and analytics are identified as key factors in enabling the Authority to maximise the effectiveness of its resources. The intention is to capture opportunities to work more proactively, streamline processes, and improve the speed to market for lower risk entities.

The annual report, which covers the period 1 April 2021 to 31 March 2022, also highlights the Authority’s contribution to the Island’s reputation as a responsible and forward-looking jurisdiction. A robust regulatory environment is seen as an important selling point for firms competing in the global marketplace and supports efforts to attract quality new business, investment and jobs.

Lillian Boyle, Chair of the Authority’s Board, said: ‘Fintech innovation and sustainable finance will play a vital part in delivering the shared vision for economic growth outlined in Our Island Plan. As a modern regulator, the Authority recognises the need to meet shifting demands while maintaining the core supervisory, oversight and enforcement activities that safeguard the integrity of our regulatory system.’

Bettina Roth, Chief Executive Officer, added: ‘I have enjoyed a busy programme of engagement during my first year at the Authority, which has helped me to gain a deeper understanding of the Isle of Man finance sector’s ambitions and concerns. Collaboration is key to the Island’s future success and we will continue to strengthen cooperation, trust and understanding with key stakeholders in the time ahead.’

The annual report is available to view on the Authority’s website at www.iomfsa.im