Funding Financial Regulation and Designated Business Oversight

Closed 22 Jan 2021

Opened 30 Oct 2020

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 we are consulting

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