Treasury inviting applications for appointment to IOM Financial Services Authority Board

The Treasury is seeking applications for appointment to the Board of the Isle of Man Financial Services Authority ('the Authority').

 

The regulatory objectives of the Authority are:

  • Securing an appropriate degree of protection for policyholders, members of retirement benefits schemes and the customers of persons carrying on a regulated activity
  • The reduction of financial crime
  • The maintenance of confidence in the Island’s financial services, insurance and pensions industries through effective regulation, thereby supporting the Island’s economy and its development as an international financial centre

 

Key functions of the Authority include:

  • The regulation and supervision of persons undertaking regulated activities, including regulated insurance and pensions activities, in or from the Isle of Man
  • The oversight of designated businesses
  • The maintenance and development of the regulatory regime for all regulated activities
  • The conduct of investigations and specifically in the case of the Board the taking of administrative decisions (enforcement actions) in accordance with its statutory powers
  • The oversight of directors and persons responsible for the management, administration or affairs of commercial entities
  • Participation in consultative bodies and working groups and ongoing engagement with other key stakeholders including industry associations, Government Departments, agencies and other statutory boards

 

With the pending expiration of the term of some Board members of the Authority, Treasury is looking to appoint members who can demonstrate experience and in-depth knowledge of the regulatory environment relating to the Isle of Man.

 

In particular, the Authority is keen to build out its experience in the wider regulatory strategy and policy making as an international finance centre.

 

  • A sound understanding of one or more of the following focused areas is desirable:
  • Technology and innovation
  • Financial management/accounting and restructuring
  • Senior level experience in legal/enforcement matters in a regulatory environment
  • Financial services regulation/oversight
  • Expertise in AML/CFT and asset recovery

 

While the above areas of knowledge are highly desirable, applications are encouraged from individuals from any of the key sectors within the Authority’s remit (insurance, TCSP, banking, investment, pension, fund) who can demonstrate they have the skills, knowledge and experience required to be a member of the Authority’s Board.

 

If you are interested in applying, please contact Gavin Leggate, The Treasury, Government Offices, Bucks Road, Douglas, Isle of Man, IM1 3PX. Telephone +44 1624 685584, or email: gavin.leggate@gov.im to be sent an information pack. Alternatively, an information pack can be downloaded from Public Appointments page of the Government website.

 

Closing Date for applications is 11.59pm on Monday 21 October 2024.