New Authority Funding Model from 1 April 2023

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.