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CHI EF EXECUT IVE OFF ICER ’ S
STATEMENT
Looking back, 2016/17 continued to be a period of change
and new challenges for global markets.
The continued uncertainty of Brexit and the search
for the “right deal” has been embraced by many in
the financial services industry as creating
opportunities which reflect the resilience and
general level of optimism of local markets. Like
many of our regulatory counterparts we are
maintaining a close interest and involvement and
contribute where possible to the wider discussions
both here and away. Our ongoing participation in
various international fora will enable us to better
prepare as a regulator and in real time assess the
possible implications for the Island’s financial
industry. This is not a one-sided relationship, as
the Authority has considerable expertise in the
financial services sector, and will continue to
participate in discussions around more general
policy and supervisory matters that impact
international financial sectors more specifically
and global regulation more broadly.
“Now in our second year as an
Authority we continue to advance
our key priorities and close-off
on others. “
The work relating to modernising the insurance
framework is now starting to move into
implementation considerations, resulting in more
focused, and at times intense, discussions with
industry. The honest exchange of views will
hopefully land us in a place where we have a
proportionate regulatory system which at the
same time adheres to international standards.
Continued market access remains critical for our
industry so it is important that we maintain a
reputation of being a well-regulated jurisdiction.
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4 • Isle of Man Financial Services Authority Annual Report 2016/17