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APPENDIX E
2. Fee Income and Civil Penalties
Fee income comprises annual, application and pro-rata fee income in relation to Deposit
Taking, Investment Business, Services to Collective Investment Schemes, Corporate
Services, Trust Services, E-money and Money Transmission Services, Collective Investment
Schemes, Authorised Insurers, Insurance Permit Holders, Insurance Managers, Insurance
Intermediaries and Pensions Scheme Administrators along with registration fees and
annual fees from DNFBPs .
From 2016/17 income from civil penalties levied on regulated entities, is shown separately
from fee income. This change has been made to differentiate between these different
types of income.
3. Other Income
Other Income includes £113,525 in legal expenses paid by the Authority on behalf of an
Isle of Man based fund requiring external oversight, but which is illiquid. The costs were
recharged to the fund. As the expectation is that the fund has no assets, the amount was
written off at the end of the period. (See notes 6 and 8.)
4. Salaries
Included within salaries are employer pension contributions of £454,406. With effect from
1st April 2016, Executive Government Pension costs were re-allocated to Departments.
The Authority was awarded a budget of £511,139.
Annual remuneration of the employees of the Authority is payable within the
following bands:
The 76 members of staff equate to a full time equivalent of 68 employees.
5. Members’ Remuneration
Membership of the Authority is reduced compared to the combined membership of the
predecessor organisations of the Insurance and Pensions Authority and the Financial
Supervision Commission. In addition, one Member left during the year and it was
decided that it was not necessary to appoint a replacement.
6. Professional Fees and External Consultancy
The Authority has experienced a significant number of cases requiring external legal
advice which is reflected in the level of expenditure in this area.
In addition, expenditure includes professional fees of £113,525 paid by the Authority on
behalf of an Isle of Man based fund, requiring external oversight, but which is illiquid. The
costs were recharged to the fund, but subsequently written-off (notes 3 and 8).
At 31 March 2017
Total number of employees
At 31 March 2016
Total number of employees
£0 - £99,999
71
70
£100,000 - £199,999
4
3
£200,000 - £300,000
1
1
76
74
Isle of Man Financial Services Authority Annual Report 2016/17 • 57