Funding Financial Regulation and Designated Business Oversight
Feedback updated 14 May 2021
We asked
We asked for views on proposals for greater industry funding of financial regulation and Designated Business oversight.
You said
We received 48 separate responses to the Discussion Paper. The majority of respondents agreed with the concept of a blended funding model, such as a predominantly industry-funded model (‘PIFM’), where industry funds a greater proportion of the cost of regulation and oversight but that there should still be some level of taxpayer subsidy. A range of views were expressed by respondents on the various questions asked, covering areas such as: the four main elements suggested as a basis for a PIFM; the financial impact of fee changes; cross-sector subsidisation; the attractiveness of the Isle of Man as a place to do business; fee calculation methodology; fee types; accountability; transparency measures; and the preferred timeframe in which to achieve a PIFM.
We did
The Feedback Statement provides a summary of responses received, highlights the key themes raised, other comments made and questions posed. Responses are being considered and will be addressed as part of the next steps of the engagement process. The Feedback Statement also sets out the next phase for the PIFM development and the future plans for further engagement with stakeholders to help shape the PIFM and determine the most appropriate course for implementation.
Results updated 14 May 2021
Files:
- Feedback Statement - Funding Financial Regulation and Designated Business Oversight FS21-01, 1016.5 KB (PDF document)
Overview
Further to the related Press Release on 15 October 2020, the Isle of Man Financial Services Authority (‘the Authority’) has today issued a Discussion Paper on Funding Financial Regulation and Designated Business Oversight (DP20-01/T14).
The Discussion Paper can be accessed below either as an Online Survey or as a downloadable PDF document under 'Related'.
Why your views matter
The paper is relevant to all of the Authority’s stakeholders. It is particularly relevant to fee payers under the Collective Investment Schemes Act 2008, Designated Businesses (Registration and Oversight) Act 2015, Financial Services Act 2008, Insurance Act 2008 and Retirement Benefits Schemes Act 2000.
Submission
The closing date for comments is 22 January 2021.
We recommend that you set aside between 30 minutes to an hour given the length and complexity of the survey.
Please send comments by completing the online survey below or in writing and preferably by email to:
Mr Andrew Kniveton
Isle of Man Financial Services Authority
PO Box 58,
Finch Hill House,
Bucks Road,
Douglas,
Isle of Man,
IM99 1DT
Email: Policy@iomfsa.im
Telephone: +44 1624 646000
What happens next
Following closure of the discussion period, the Authority will review the responses received and publish a Feedback Statement document on the Authority’s website and the Isle of Man Government’s Consultation Hub in the first quarter of 2021.
The responses to this Discussion Paper will be used to inform development of a PIFM. Depending on the responses received, the Authority may issue a further Discussion Paper before consulting on more specific aspects of the PIFM.
Respondents are encouraged to consider the separate Consultation Paper (CP20-03/T14) that was issued on 16 October 2020 on proposed increases to all fees payable to the Authority from 1 April 2021 and 1 April 2022. The fee increases proposed in that Consultation Paper are to cover the cost of additional resources allocated in the 2020-21 Budget and to start the transition towards a PIFM. Responses to that Consultation Paper are required by 11 December 2020.
Areas
- All Areas
Audiences
- All residents
Interests
- Finance
- Economy
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