New Authority Funding Model from 1 April 2023

Closed 24 Jun 2022

Opened 12 May 2022

Contact

Andrew Kniveton

(Policy Adviser)

Policy and Authorisations Division

+44 1624 689304

Policy@iomfsa.im

Feedback updated 23 Sep 2022

We asked

We asked for views in relation to the Authority’s plans to move to a predominantly industry-funded model from 1 April 2023.

You said

We received 39 separate responses to the Consultation Paper. In broad terms, feedback from businesses with the largest fees under the current and proposed fee structure (i.e. deposit takers and life insurance businesses) focused on governance and transparency arrangements around the new Funding Model. Feedback from smaller businesses tended to focus on the level of fees proposed and the amount of the fee increases in relative terms.

We did

We prepared a Consultation Response, which provides a summary of responses and corresponding changes to the funding model and fee structure. The changes include: a new fee band for designated businesses with two employees; revised fee bands for Class 3 to 9 or 11 insurers; revised fees for bureau de change, payment services as agent and cheque cashing businesses; revised fees for collective investment schemes and related services; stratification of certain transaction fees; and removal of references to fee blocks.

We plan to publish the next consultation paper in October 2022, which will focus on the Fees Orders and Regulations 2023.

Results updated 23 Sep 2022

Files:

Overview

Further to the related Press Release (Feedback sought on proposed new funding model) on 12 May 2022, the Isle of Man Financial Services Authority (‘the Authority’) has today issued a Consultation Paper on the proposed new funding model from 1 April 2023 (CP22-04).

Why your views matter

The consultation is relevant to all of the Authority’s stakeholders and fee payers. Due to potential changes to the Authority’s funding arrangements with the Isle of Man Government, the consultation is also relevant to Isle of Man taxpayers.
 

Consultation paper

The consultation paper explains the proposed new funding model and fee structure for persons conducting regulated activity or designated business. The proposed changes are due to take effect from 1 April 2023, with changes to annual fees being subject to phased increases also on 1 April 2024 and 1 April 2025.

Appendix A and B are contained within the consultation paper.

Appendix C and D can be downloaded from the ‘Related’ section below.

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 IOMG’s Consultation Hub.

Subject to any changes to the proposals that may be made as a result of responses received, the implementing legislation will be prepared ready for a further consultation later in 2022.

Areas

  • All Areas

Audiences

  • All residents

Interests

  • Finance