Post-consultation changes to Bills nearing completion

The Isle of Man Financial Services Authority is nearing completion of the post-consultation changes to its two Amendment Bills, with a view to publishing Feedback Statements and confirming next steps in early 2026.

Comments were invited on the Financial Services (Miscellaneous) Provisions Bill and the Retirement Benefits Schemes (Amendment) Bill as part of plans to modernise regulatory frameworks and safeguard the Island’s positive international reputation.

The consultations generated a significant level of engagement from a cross-section of the Island’s financial services sector, with detailed feedback received on many of the proposals.

Following consideration of the responses, the Authority is continuing to work closely with HM Attorney General’s Chambers to produce revised drafts of the Bills.

Post-consultation changes to the Financial Services (Miscellaneous) Provisions Bill seek to address feedback on the proposed civil penalty provisions for individuals by further defining their scope and application in the primary legislation. Additional detail will then be set out in the related secondary legislation, which will be subject to a separate consultation.

The Authority is proposing several other amendments to the draft Bill in response to comments and suggestions from consultation respondents. This includes the removal of some measures to allow time for further consideration.

Proposed revisions to the Retirement Benefits Schemes (Amendment) Bill reflect feedback on the legislative framework that will underpin future updates to the regulatory regime for pension services and pension schemes.

The two Feedback Statements to be published in early 2026 will highlight the main themes of the consultation submissions, the Authority’s responses, a summary of the proposed changes, and intended next steps.