Authority publishes Pensions Conference Q&A document

Senior representatives from the Isle of Man Financial Services Authority provided a regulatory update during the recent Pensions Governance Conference at the Comis Hotel.

The presentation included an overview of the Authority’s plans to deliver an ambitious programme of change aimed at driving further improvement in the Island’s regulatory environment.

Attendees learned about the work taking place to enhance compliance with anti-money laundering and countering the financing of terrorism (AML/CFT) standards, and how the collection and analysis of data is playing an increasingly important role in the effective supervision of Island firms.

The Authority also highlighted progress in respect of proposals to modernise the Island’s pensions legislation. A Retirement Benefits Schemes (Amendment) Bill is currently being drafted, with a public consultation scheduled to take place in 2025. Any feedback will then be considered, with a view to refining the Bill ahead of consideration by Tynwald.

The Authority will engage with the pensions sector throughout the process, including the timeframes for implementation.

Following the presentation at the conference, an open question and answer session took place with members of the audience. Time restrictions meant it was not possible to respond to all the questions submitted, so a Q&A document has been published covering some of the common themes to emerge, such as fitness and propriety assessments, pensions guidance, data returns, reporting requirements and the use of artificial intelligence.

The Pensions Governance Conference presentation and Q&A document are available to view on the Authority’s website.