Authority sets out action plan in response to survey findings
The Isle of Man Financial Services Authority has set out an action plan in response to feedback from Island firms.
The focus is on addressing a number of common themes identified in the confidential survey conducted earlier this year by Island Global Research (IGR).
IGR’s online questionnaire and stakeholder interviews invited comments on the effectiveness of the Authority in relation to its role, objectives and responsibilities, its approach to supervision and oversight, and its engagement with industry.
The full independent report and executive summary have been published online today, Wednesday 25 October 2023, as part of the financial regulator’s ongoing commitment to openness and transparency.
The Authority is using the findings to better understand the needs of the financial services sector, to inform its future priorities, and to enhance the relationship with the firms it regulates and oversees.
Positive comments were submitted via the survey in respect of the Authority’s ‘proportionate and pragmatic’ approach to supervision, its importance to the Island’s international reputation, and its contribution to the success of the finance sector.
Areas where respondents feel there is scope for improvement include issues relating to inspections, transparency and key performance indicators, and the Authority’s outreach with industry.
The Authority’s five-point action plan in response to the survey focuses on:
- Inspections
- Transparency
- Communications & outreach
- People strategy
- Innovation
Bettina Roth, Chief Executive Officer, said: ‘We are intent on future-proofing the Authority to ensure that we remain responsive and effective. I wish to thank all those who took part in the survey, as feedback from industry plays a crucial part in shaping our strategic plans. Working collaboratively continues to be a priority for the Authority and we have reflected on the survey findings with a view to further strengthening our engagement with firms.’
She added: ‘The timing of the survey meant that we received a lot of feedback regarding our review of the risks posed to the Island in connection with foreign Politically Exposed Persons (PEPs). We have since published the PEP report and hosted a webinar to help clarify a number of points and address some of the perceptions expressed by firms. Our action plan seeks to build on the work already taking place to enhance the planning, management and delivery of future thematic projects.’
The IGR survey report, executive summary, and action plan are available to view on the publications section of the Authority’s website.