Authority promotes transparency through publication of KPIs

A commitment to transparency continues to underpin the work of the Isle of Man Financial Services Authority.

As an open and accessible regulator, we are intent on keeping our stakeholders informed of key developments, as well as seeking their professional input into new areas of focus.

Transparency emerged as one of the main themes of the recent industry survey conducted by Island Global Research, with some respondents requesting the publication of additional data and guidance. In response to those findings, the Authority has launched a new section on its website to highlight a range of Key Performance Indicators (KPIs).

These statistics are intended to provide further transparency around our performance, including where we spend our time, and how we measure against service level expectations.

The first set of published KPIs focuses on fitness and propriety (F&P) assessments, which help to determine whether an individual is suitable to perform a controlled or senior management function. Graphics on the website show the number of F&P assessments dealt with in the past 12 months, and the Authority’s performance against the service level agreement.

The enhancement of our data gathering capabilities will enable further information to be published online in the future.

The new webpage forms part of an extensive programme of engagement setting out the Authority’s strategic priorities, risk appetite, expectations for compliance, and overall direction of travel. Communications include:

• Online publication of the annual report, strategic plan, guidance, statistics, public consultations, and discussion papers.
• Speaking engagements and presentations to industry bodies by the CEO and senior executives.
• Communications via webinars, press releases, e-bulletins, newsletters, and social media updates.

Bettina Roth, the Authority’s CEO, said: ‘Our aim is to provide clear and consistent communications in respect of the Authority’s performance and future plans. We will share additional key metrics in the months ahead to promote transparency around our core activities.’