Authority revamps authorisations web content

The Isle of Man Financial Services Authority has refreshed its online content in support of its role as the gatekeeper to the Island’s finance sector.

The authorisations section of the Authority’s website has been updated to assist potential applicants seeking a licence to conduct financial services or authorisation in respect of insurance business.

Changes have been implemented with a view to making the relevant information and guidance more streamlined and accessible.

The web pages include an overview of what the Authority looks for in an applicant, what to expect at different stages of the application process, and typical timelines leading up to a decision.

The licensing, registration and authorisation process plays a crucial role in helping the Authority to fulfil its objectives of protecting consumers, reducing financial crime, and maintaining confidence in the financial services sector.

Potential applicants are encouraged to read the online information and to contact the Authority at an early stage, so that officers can gain an understanding of the proposed business requirements.

Dan Johnson, Senior Manager, Policy and Authorisations, said: ‘The Authority makes an important contribution to the Island’s reputation as a responsible and well-regulated jurisdiction. Having in place a robust evaluation process helps to ensure the fitness and propriety of those working within the financial services sector.’

He added: ‘A smooth authorisations process is in everyone’s best interests. We want to support, as well as scrutinise, potential new businesses and have revamped our online content to enable applicants to learn more about the process and what is expected of them.’