Restructure to support updated supervisory approach

Internal restructuring has taken place at the Isle of Man Financial Services Authority to support the transition to an updated approach to supervision.

 

The intention is to focus the Authority’s resources on the greatest threats to its objectives of protecting consumers, reducing financial crime, and maintaining confidence in the financial services sector through effective regulation.

 

Going forward, the regulator’s supervisory approach will be more proportionate to a firm’s size, the type of activities it conducts, and its potential to cause disruption to the Island’s financial system and economy.

 

The Authority will directly contact regulated firms to confirm their impact rating and provide further information about the changes.

 

A new page has also been added to the Authority’s website to reflect the areas of responsibility and contact details for the four supervisory divisions:

 

  • Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT)
  • Prudential (Banks and Insurers)
  • High and Medium Impact (including enhanced supervision)
  • Portfolio (including authorisations)

 

Ros Lynch, Head of Supervisory Practices, said: ‘Moving from a predominantly sector-based approach to an impact and risk-led model will ensure the Authority’s supervisory resources are deployed in the most proportionate and efficient way. The transition will be embedded in the months ahead and we will continue to inform firms of developments.’

 

Engagement with industry will include the publication later this month of a Supervisory Methodology Framework, which sets out in more detail the Authority’s approach and what it means for Island firms.