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THE I SLE OF MAN F INANCIAL
SERVICES AUTHOR I TY
The Authority is an independent statutory board, established on
1 November 2015 by article 4 of the Transfer of Functions (Isle of Man
Financial Services Authority) Order 2015. The Authority took over the
responsibilities of two predecessor regulators - the Insurance and
Pensions Authority and the Financial Supervision Commission.
This annual report addresses the requirement, under paragraph 7 of Schedule 1 to the FSA08, for
the Authority to report to Treasury annually on its proceedings and activities for the previous year,
and to supply its audited accounts. The annual report covers the period 1 April 2016 to 31 March
2017, and will also be laid before Tynwald.
REGUL ATORY OBJECT IVES
The Authority is required, by section 2 of the FSA08, to exercise its functions (set out in Appendix
A) in a way that is compatible with, and appropriate for, the purpose of meeting its regulatory
objectives. The regulatory objectives are:
•
Securing an appropriate degree of protection for policyholders, members of retirement
benefits schemes and the customers of persons carrying on a regulated activity
•
The reduction of financial crime
•
The maintenance of confidence in the Island’s financial services, insurance and pensions
industries through effective regulation, thereby supporting the Island’s economy and its
development as an international financial centre
Additionally, the Authority is guided by specified matters (under paragraph 3 of Schedule 1 to
the FSA08) that it must have regard to when discharging its functions. These matters are:
•
the need to balance the regulatory objectives
•
the need for the regulatory, supervisory and registration regimes to be effective, responsive
to commercial developments and proportionate to the benefits which are expected to
result from the imposition of any regulatory burden
•
the need to use resources in an efficient and economic way
•
the desirability of implementing and applying recognised international standards
•
the desirability of co-operating with governments, regulators and others outside the Island
•
the need to safeguard the reputation of the Island
•
the need to promote public understanding of the financial services, insurance and
pensions industries
8 • Isle of Man Financial Services Authority Annual Report 2016/17