Financial Services Authority sets out its strategic plans
The Isle of Man Financial Services Authority has set out its intentions to drive continuous improvement in the Island’s regulatory environment.
The Strategic Plan 2024-2027, published online today (Thursday 24 October 2024), highlights the priority initiatives that will be progressed over the next three years. Following a period of significant development, the Authority’s focus is on embedding its updated approach to supervision, maximising its use of data and developing its people.
The theme is one of evolution, with the strategic plan identifying workstreams that support the objectives of protecting consumers, reducing financial crime and maintaining confidence in the finance sector through effective regulation. Officers will also continue to make an important contribution towards preparations for the Isle of Man’s next MONEYVAL evaluation.
Where internal efficiencies and greater automation create additional capacity, projects will be progressed that the Authority believes will add real purpose and value for its stakeholders.
The strategy, which has been shaped by feedback from Island firms to the 2023 industry survey, outlines high-level plans under the three strategic pillars of Infrastructure, Frameworks and People. The proposals will:
- Strengthen organisational resilience and maximise the benefits of technology
- Improve stakeholder engagement, and support a thriving, innovative and sustainable finance sector
- Encourage a culture of excellence at the Authority
Lillian Boyle, Chair of the Authority’s Board, said: ‘The Strategic Plan 2024-2027 aims to be both realistic and ambitious, setting out our immediate priorities and the matters we intend to address in the next three years. We believe that articulating our priorities serves to explain the Authority’s direction of travel, supports a collaborative approach with industry and enables Island firms to plan for the future with confidence.’
The implementation of the strategy will be overseen at executive level by Bettina Roth whose position as Chief Executive of the Authority has been extended by the Board until the autumn of 2027. This will enhance the stability of the Authority’s leadership team to support the delivery of key initiatives.
Mrs Roth added: ‘The world is changing at a relentless pace so it is essential to have the flexibility to deal with fresh challenges. Being nimble and having the ability to adapt our plans where necessary is critical if we are to seize opportunities for economic growth, while mitigating potential threats. We will provide periodic updates and statistics to outline the progress of our stated commitments and highlight any emerging areas of focus.’
The Strategic Plan 2024-2027 is available to view on the publications section of the Authority’s website.