Authority sets out action plan in response to survey findings

Thu, 26 Oct 2023

The Isle of Man Financial Services Authority has set out an action plan in response to feedback from Island firms.

The focus is on addressing a number of common themes identified in the confidential survey conducted earlier this year by Island Global Research (IGR).

IGR’s online questionnaire and stakeholder interviews invited comments on the effectiveness of the Authority in relation to its role, objectives and responsibilities, its approach to supervision and oversight, and its engagement with industry.

The full independent report and executive summary was published yesterday (October 25).

The Authority’s five-point action plan in response to the survey focuses on:

• Inspections
• Transparency
• Communications & outreach
• People strategy
• Innovation

The Authority is using the findings to better understand the needs of the financial services sector, to inform its future priorities, and to enhance the relationship with the firms it regulates and oversees.

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