Theme of transformation highlighted in Authority's annual report

Tue, 07 Nov 2023

The Isle of Man Financial Services Authority annual report, which covers the period 1 April 2022 to 31 March 2023, has highlighted a theme of ‘transformation’.

The Annual Report for 2022/23, sets out how the regulator is evolving in order to better position itself for the future.

Central to its plans has been the introduction of a more risk and impact-led approach to supervision. The new framework is aimed at achieving better outcomes by delivering a consistent, proactive, and value-added model of engagement.

A further step change highlighted in the report concerns the transition to a more sustainable funding model for the regulation and oversight of the finance industry.

A new fee structure for Island firms was approved by Tynwald in March following a reduction in the level of Government funding provided to the Authority.

The report gives updates on a range of initiatives, including the focus on ensuring compliance with anti-money laundering and countering the financing of terrorism (AML/CFT) legislation.

The Authority states that “AML/CFT supervision will remain a priority in the time ahead, with thematic reviews and inspections helping to inform the Authority’s picture of risk across different sectors of the economy”.

The report is available to view on the Publications section of the Authority’s website.

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