Action Plan Update highlights progress on key workstreams

The Isle of Man Financial Services Authority has reported on the progress it has achieved in response to feedback from Island firms.

An Action Plan Update has been published highlighting the work that has taken place over the past 12 months to address a number of key themes to emerge from a recent industry survey.

In addition to capturing the actions delivered through targeted projects and business-as-usual activities, the report sets out how the Authority intends to deliver further improvements in relation to Inspections, Transparency, Communications & Outreach, People Strategy and Innovation.

The Authority made a series of commitments in line with the findings of an independent industry survey conducted by Island Global Research in 2023. The confidential questionnaire invited comments on the effectiveness of the financial regulator in relation to its role, objectives and responsibilities, its approach to supervision and oversight, and its engagement with industry.

The submissions and stakeholder interviews highlighted the areas that regulated and registered firms thought were working well and matters where they felt there was scope for improvement.

The Authority is using the feedback to inform its strategic priorities and enhance its relationship with the firms it regulates and oversees. The Action Plan Update uses a ‘You Said – We Did’ approach to explain the positive action taken and how the survey findings are continuing to shape the Authority’s plans.

Chief Executive Officer Bettina Roth said: ‘We always welcome honest and constructive feedback from our stakeholders and wanted to demonstrate how we are acting on what industry is telling us. Working collaboratively is a priority for the Authority and the Action Plan Update reflects our commitment to listening and learning, with a view to strengthening our engagement with Island firms.’