Financial Services (Miscellaneous Provisions) Bill

Overview

The Isle of Man Financial Services Authority is inviting feedback on proposals aimed at enhancing the Island's regulatory framework.

The intention is to update existing legislation to ensure the Island safeguards its reputation as a well-regulated jurisdiction that continues to meet international standards.

The purpose of the Consultation Paper is to obtain views in relation to the draft Financial Services (Miscellaneous Provisions) Bill. The draft Bill proposes amendments to the following Acts of Tynwald:

• Financial Services Act 2008
• Collective Investment Schemes Act 2008
• Insurance Act 2008
• Designated Businesses (Registration and Oversight) Act 2015

The proposed amendments seek to update the Acts and cover various matters. They are intended clarify and enhance the Isle of Man's regulatory and oversight frameworks, reflect changes to international standards, and safeguard the Island's reputation as a well-regulated jurisdiction for financial services.

The Consultation Paper provides further detail on the proposed amendments in a tabular format. Copies of the Acts as they would read amended by the draft Bill are included in the appendices. The draft Bill also proposes minor amendments to other Acts, including the Companies Act 1931 and Bank (Recovery and Resolution) Act 2020.

Responding to this consultation

The opening date for comments is 27 June 2025.

The closing date for comments has been extended to 1 September 2025.

* Note: Consultation Paper, Appendix C and Appendix D updated on 4 July 2025 to reflect changes to proposals relating to Schedule 4 (Mediation and Adjudication) to the Financial Services Act 2008.

Please send comments in writing and preferably by email to Policy@iomfsa.im or post it to:

Miss Casey Houareau,
Isle of Man Financial Services Authority,
PO Box 58,
Finch Hill House, Bucks Road,
Douglas,
Isle of Man,
IM99 1DT