Feedback invited on proposed update to financial services legislation
The Isle of Man Financial Services Authority is inviting feedback on proposals aimed at enhancing the Island’s regulatory framework.
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.
Amendments set out in the Financial Services (Miscellaneous Provisions) Bill will strengthen the Authority’s ability to achieve its objectives of protecting consumers, reducing financial crime, and maintaining confidence in the finance sector through effective regulation.
A public consultation has been published online today, Friday 27 June 2025, seeking comments on the draft Bill, which includes plans to revise measures within the:
- Collective Investment Schemes Act 2008
- Designated Businesses (Registration and Oversight) Act 2015
- Financial Services Act 2008
- 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 will support the more efficient use of the Authority’s resources and enhance consistency and clarity for the benefit of all stakeholders. We are seeking to future-proof our operations, while being mindful of the need to maintain competitiveness and minimise any adverse effects of regulation. It’s important to hear the views of our stakeholders and I would encourage individuals, firms and industry bodies to respond to the consultation.’
Written feedback on the Financial Services (Miscellaneous Provisions) Bill should be emailed to Policy@iomfsa.im or sent to Casey Houareau, 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 8 August 2025.