Authority helps sustain island’s financial sector – Energy FM

Mon 31 Oct 2022

The Isle of Man Financial Services Authority is committed to supporting a vibrant, diverse and well-regulated Manx economy.

The focus is on innovation and sustainability to better position the regulator within a rapidly changing industry.

This is reflected in the Authority’s annual report for 2021/22, which focuses on the theme of “the sustainability of the island’s financial services sector”.

The report highlights the progress made by the Authority in achieving its objectives of protecting consumers, reducing financial crime and maintaining confidence in the financial services sector through effective regulation.

Updates are provided on a series of priority initiatives, including the transition to a new funding model and the implementation of a more targeted surveillance approach based on risk and impact.

Adopting technology and improving data management and analysis are identified as key factors enabling the Authority to maximize the efficiency of its resources. The intention is to seize opportunities to work more proactively, streamline processes and speed time to market for low-risk entities.

The annual report, which covers the period from April 1, 2021 to March 31, 2022, also highlights the Authority’s contribution to the island’s reputation as a responsible and forward-looking jurisdiction. A strong regulatory environment is seen as an important selling point for businesses competing in the global marketplace and supports efforts to attract new business, investment and quality jobs.

Lillian Boyle, Chair of the Authority’s Board of Directors, said: “Fintech innovation and sustainable finance will play a vital role in realizing the shared vision for economic growth outlined in the Our Island plan. As a modern regulator, the Authority recognizes the need to respond to changing demands while maintaining core oversight, oversight and enforcement activities that protect the integrity of our regulatory system.

Bettina Roth, Managing Director, added: “I have benefited from a busy engagement program during my first year at the Authority, which has helped me better understand the ambitions and concerns of the financial sector. from the Isle of Man. Collaboration is key to the future success of the island and we will continue to build cooperation, trust and understanding with key stakeholders in the times ahead.

The annual report can be viewed on the Authority’s website at www.iomfsa.im