Financial Services (Miscellaneous Provisions) Bill

Feedback updated 14 Apr 2026

We asked

We consulted on the Financial Services (Miscellaneous Provisions) Bill, which proposed a package of amendments to modernise and strengthen the Isle of Man’s financial services legislation. The Bill covered a wide range of matters, including enforcement and civil penalties, warning notices, appeal rights, inspection and investigation powers, guidance provisions, fees, public statements, and broader alignment and consistency across regulatory Acts.

You said

Respondents broadly supported the aim of modernising the regulatory framework and aligning with international standards. However, many raised concerns about scope, proportionality, clarity and safeguards across a number of proposals. In particular, respondents asked for clearer limits and stronger protections where new or enhanced powers were proposed, greater transparency in primary legislation, and assurance that changes would be fair, targeted and workable in practice. Practical impacts on businesses, individuals, and the Island’s competitiveness were also highlighted.

We did

We carefully considered all consultation feedback and revised the Bill accordingly. As a result:

  • Several proposals were refined, narrowed or withdrawn where concerns about breadth, proportionality or clarity were identified
     
  • Key powers, including civil penalty provisions, have been restructured to include clearer scope and safeguards in primary legislation
     
  • Appeal rights and procedural protections have been retained or strengthened where appropriate
     
  • Drafting changes have been made to improve clarity, consistency and alignment across Acts; and
     
  • Matters requiring further policy development have been deferred for future consideration, with commitments to further consultation where secondary legislation or guidance is required

The revised Bill reflects stakeholder feedback while ensuring the Isle of Man’s regulatory framework remains robust, proportionate and internationally aligned.

Closed 1 Sep 2025

Opened 27 Jun 2025

Contact

Miss Casey Houareau

(Policy Adviser)

Policy & Risk Division, Isle of Man Financial Services Authority

+44 1624 646000

Policy@iomfsa.im

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

What happens next

Following closure of the consultation period on 1 September 2025, the Authority will review the responses received and publish a Feedback Statement on the Authority’s website and the Isle of Man Government Engagement Hub.

Areas

  • All Areas

Audiences

  • All residents

Interests

  • Policies, strategies & plans