Feedback invited on proposed updates to regulatory framework for pensions

The Isle of Man Financial Services Authority is inviting feedback on proposals aimed at enhancing the Island’s regulatory framework for pension schemes and pension providers.

The intention is to update existing legislation to ensure the Island safeguards its reputation as a well-regulated jurisdiction that continues to meet international standards.

The changes set out in the Retirement Benefits Schemes (Amendment) Bill will strengthen the Authority’s ability to achieve its objectives of protecting consumers and maintaining confidence in the finance sector through effective regulation.

A Consultation Paper has been published online today, Friday 4 July 2025, seeking comments on the draft Bill, which includes plans to revise the Retirement Benefits Schemes Act 2000 and make consequential amendments to the Financial Services Act 2008 and Insurance Act 2008.

Modernising aspects of the current legislation will help the Authority to remain effective and proportionate in the delivery of its remit.

Bettina Roth, Chief Executive Officer, said: ‘The proposed changes outlined in the draft Bill would support the Authority’s regulatory objective of protecting pension consumers, as well as facilitating a more proportionate and risk-based approach to supervision of pension services. The Bill sets out changes to primary legislation needed to establish the statutory basis for a revised regulatory framework. Future consultations will cover the detail on proposed changes to the framework itself, including secondary legislation and related guidance. We look forward to engaging with our stakeholders to help shape the future framework.'

Written feedback on the Retirement Benefits Schemes (Amendment) Bill should be emailed to Policy@iomfsa.im or sent to Sarah Galovics, Policy Adviser, Isle of Man Financial Services Authority, PO Box 58, Finch Hill House, Bucks Road, Douglas, IM99 1DT.

The closing date for submissions is Friday 15 August 2025.

Media Enquiries:

Richard Parslow, Manager – Communications, email: Richard.Parslow@iomfsa.im