Authority committed to ‘Making a Difference’

The Isle of Man Financial Services Authority has underlined its commitment to supporting the Island’s reputation as a successful place to do business.

The Authority’s Annual Report for 2023/24 highlights how the organisation is strengthening its core activities and embracing technology to create the right environment to foster a thriving and sustainable economy.

The theme of this year’s report is ‘Making a Difference’ and captures the progress that has been made by the regulator in meeting its objectives of protecting consumers, reducing financial crime and maintaining confidence in the finance sector through effective regulation.

After a period of significant change, the current focus is on embedding the updated supervisory approach and organisational structure, as well as enhancing data collection and analysis.

The report explains how the Authority is targeting resources in line with a firm’s size, the type of activities it conducts and its potential to disrupt the Island’s financial system. The aim is to deliver better outcomes by driving a consistent and proactive programme of supervisory engagement.

Work is being underpinned by the increased use of data and innovative ways of working, with a view to achieving greater automation, straight-through processing and exception reporting.

A firm focus is placed on working collaboratively with industry and Government in the best interests of the Island. This includes efforts to demonstrate the long-term effectiveness of the Island’s anti-money laundering and countering financial crime (AML/CFT) regime ahead of its next MONEYVAL evaluation.

The annual report, which covers the period 1 April 2023 to 31 March 2024, also sets out the Authority’s financial statements, in addition to providing updates on priority workstreams and an insight into future plans.

Lillian Boyle, Chair of the Authority’s Board, said: ‘As a forward-looking regulator, we acknowledge the need to recognise and prepare for emerging risks and new opportunities. We take account of the likely direction of international standards, the potential impacts of geopolitical changes in the markets where our firms operate and the pace of change in technology and innovation. This influences our strategic approach and helps the Authority to make a positive difference to the Island’s position as a well-regulated and successful jurisdiction.’

Bettina Roth, Chief Executive Officer, added: ‘We are embedding a programme of transformational change at the Authority to ensure we operate as effectively as possible into the future. We are committed to continuous improvement and instilling a culture of high performance. Collaboration remains central to our ambitions, and it is essential for the regulator, industry and Government to work together on behalf of the Island, particularly during such unpredictable times.’