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•
the responsibilities of those who manage the affairs of permitted persons, insurers
and retirement benefits schemes
•
the international character of financial services, insurance and pensions industries
and their markets and the desirability of maintaining the competitive position of
the Island
•
the desirability of facilitating the development of the financial services, insurance
and pensions industries
•
the impact of its decision on the stability of the financial system of the Island.
ORGANI SAT ION OF THE AUTHOR I TY
The Authority operates under the Statutory Boards Act 1987, however its constitution and
functions are set out in the FSA08.
Schedule 1 to the FSA08 specifies that Board Members of the Authority are appointed by
the Treasury, subject to the approval of Tynwald. The minimum number of members is
seven, including a chairperson, deputy chairperson and the Authority’s CEO. The current
membership of the Authority’s Board is set out in Appendix B.
Board Members are appointed for a fixed period of not less than two years and not more
than five years.
HOW THE AUTHOR I TY OPERATES
The Authority is formed of seven internal Divisions and has a variety of functions. Two
new Divisions were created over this period, ‘Business Change’ and ‘Emerging Risks and
International’. Further information regarding these can be found later in this report.
The primary function is the regulation and supervision of the Island’s financial services
sector, such as banking, insurance, investment businesses, collective investment and
retirement benefit schemes, trust and corporate services, crowdfunding platforms and
money transmission services. The Authority also has an oversight and enforcement
function in relation to Designated Businesses’ adherence to AML/CFT legislation, as well as
certain functions connected to such areas as audit and company officer disqualification.
Appendix A provides further information on the Authority’s functions.
10 • Isle of Man Financial Services Authority Annual Report 2016/17