Fees from 1 April 2021 and 1 April 2022

Closed 11 Dec 2020

Opened 16 Oct 2020

Feedback updated 15 Feb 2021

We asked

We asked for views on proposed increases to fees payable to the Authority from 1 April 2021 and 1 April 2022.

You said

We received 20 separate responses to the Consultation Paper. Three confirmed that they either had no comment on the proposed fee increases or that the proposals would not have a material impact on their businesses. Comments from the remaining 17 respondents covered the following themes: timing; amount; allocation of additional Authority resources; and impact on business competitiveness.

We did

The draft fees legislation that was consulted upon, together with an updated version of the Insurance (Fees) Regulations 2021, will be finalised for laying before Tynwald at the next available sitting, for commencement on 1 April 2021.


The fees payable from 1 April 2022 will be reviewed in the summer of 2021 to determine if the rate of those fee increases should be changed in light of data available at that time on the financial impact of the pandemic on the financial position of Regulated Entities and Designated Businesses, and the state of the business environment.

Results updated 16 Feb 2021

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Overview

Further to the related Press Release on 15 October 2020, the Isle of Man Financial Services Authority (‘the Authority’) has today issued a Consultation Paper (CP20-03/T14) on proposed changes to fees payable to the Authority from 1 April 2021 and 1 April 2022.

Why we are consulting

The consultation is relevant to all persons that are licensed, authorised or registered under the Financial Services Act 2008, Insurance Act 2008, Retirement Benefits Schemes Act 2000, Designated Businesses (Registration and Oversight) Act 2015 or that have responsibility for collective investment schemes under the Collective Investment Schemes Act 2008. It is also relevant to advisers to those persons, or potential applicants for those permissions or their advisers.

What happens next

Following closure of the consultation period, the Authority will review the responses received and publish a Consultation Response document on the Authority’s website and the Isle of Man Government’s Consultation Hub.

Subject to any changes to the proposals that may be made as a result of responses received, it is intended that the draft legislation will be finalised for laying before Tynwald for approval in the first quarter of 2021 for commencement on 1 April 2021.

The proposals outlined in this paper are not intended to substantially address the broader issue of moving the Authority to a PIFM. Respondents are encouraged to consider the separate Discussion Paper on that topic, which will be published soon.

Areas

  • All Areas

Audiences

  • All residents

Interests

  • Finance
  • Economy