Supervisory divisions set out engagement programmes
The Isle of Man Financial Services Authority has set out its two-year programme of supervisory engagement to be delivered by its Prudential, Portfolio and HMI Divisions.
A document published on the Authority’s website highlights the supervisory priorities for 2025-27 under the three broad themes of:
- Culture, Governance and Risk Management
- Financial and Operational Resilience
- Quality of Supervisory Data
The priorities will support the Authority’s ongoing supervision at firm and sector level, with work taking place in line with the engagement model published as part of the Supervisory Methodology Framework.
The Prudential, Portfolio and HMI initiatives will also complement the supervisory, policy and outreach work focused on Countering Financial Crime being conducted by the AML/CFT Division.
The Supervisory Priorities 2025-27 document includes a continuation of projects that have already started, as well as further development of areas that have been previously highlighted to Island firms.
Direct communications will be sent to all firms by the relevant supervisory division to provide further insight into the planned workstreams.
Work will be delivered through a suite of supervisory activities including engagement meetings, inspections, thematic reviews, data requests and other stakeholder communication.
The three themes link to the Frameworks and Infrastructure pillars in the Authority’s Strategic Plan 2024-2027 and will cover matters such as:
- Consumer value, fairness and outcomes
- Quality of oversight and assurance (including business model change/complexity)
- Managing financial pressures and shocks
- Ensuring continuity of services for consumers
Topics and approximate timelines will be included as part of the At-A-Glance calendar, which provides advance notice of the Authority’s future activities and key milestones.
Andrew Kermode, Head of Prudential Supervision, said: ‘The Isle of Man is home to a large and diverse population of firms and the Authority’s supervisory divisions work closely to deliver a risk and impact-led programme of engagement. We expect firms to embed the right culture to effectively manage conduct risk. This includes having robust governance and risk management structures in place and ensuring that consumers obtain fair value, and do not suffer from poor outcomes.’
He added: ‘We will also continue to monitor firms’ financial resilience and health and seek to enhance the quality and integrity of supervisory data that informs our understanding of risk at firm and sector level.’