An open and transparent approach
A commitment to openness and transparency continues to underpin the work of the Isle of Man Financial Services Authority. It also has a part to play in maintaining the Island’s reputation as a well-regulated, responsible and forward-looking jurisdiction.
Our aim is to provide stakeholders with clear, consistent and honest communications in respect of our performance and future plans. We engage with firms in various formats to highlight key developments, to explain our expectations for compliance, and to seek industry input into emerging areas of focus via consultations and surveys.
Publications such as our Annual Report and Strategic Plan provide an overview of the Authority’s priorities and direction of travel, while we regularly publish statistics to summarise the size and level of activity within the various financial sectors.
In addition, the enhancement of our capabilities in respect of data gathering and analytics will enable us to publish a range of Key Performance Indicators (KPIs). These statistics are intended to provide further transparency around our performance, including against service level agreements where applicable.
The Authority will continue to add to the information below in the time ahead in order to demonstrate performance across different functions.
Fitness and propriety (F&P) assessments play an important role in the work that takes place to achieve our regulatory objectives. F&P tests help to assess whether an individual is suitable to perform a controlled or senior management function.
The graphics below highlight the number of F&P assessments dealt with over the 12 months to the end of Q4 2023, and the Authority’s performance against the service level agreement.
The graphic published bottom left shows an average of 22 days to process an F&P assessment against the SLA of 28 days.
In the pie chart published bottom right, applications shown as “not proceeded with” include applications that are withdrawn before/after a determination is made as to the individual’s fitness and propriety.
Assessments continue to be processed well within the SLA.
Submitted dates may retrospectively impact earlier periods where there is a long lead time to final processing e.g. new licence applications.
The larger number of applications ‘in progress’ refers to a number of licence applications.
