Proposals to enhance the Island’s regulatory framework for private pensions and their providers

Closed 27 Apr 2018

Opened 5 Mar 2018

Feedback updated 15 Oct 2019

We asked

We asked for views on proposed changes to the regulatory framework for pension schemes and pension providers to:

  • include appropriate conduct and prudential regulatory requirements for pension providers; and

determine which legislation would provide for this.

You said

We received nine responses to the Discussion Paper. There was strong support for the proposal to amend the regulatory framework – see the response document for further detail.

We did

We concluded that bringing pension providers under the scope of the Financial Services Act 2008 represented the most efficient and effective means of developing the regulatory framework for pension providers. We are now developing the proposals and preparing draft legislation which will be subject to public consultation in due course.

Results updated 22 Aug 2018

Files:

Overview

The Isle of Man Financial Services Authority has today issued a Discussion Paper DP18-02/T15. This paper is seeking views on proposals to enhance the regulatory framework for pension schemes and pension providers.

This Discussion Paper will be of particular interest to persons who act by way of business as a trustee and/or an administrator of retirement benefits schemes registered under the Retirement Benefits Schemes Act 2000. The Authority welcomes feedback from all interested parties.

Why we are consulting

To obtain information and views in respect of the Authority’s intention to enhance the Island’s regulatory framework for private pensions and their providers.

Areas

  • All Areas

Audiences

  • Elected members - MHKs
  • Elected members - local government
  • Tenants
  • Landlords
  • Employees
  • Older people
  • Homeowners
  • Self-employed
  • Students
  • Retired
  • Children & young people
  • Volunteers
  • Unemployed
  • Parents, carers and & guardians
  • People with disabilities or long term illness
  • Leaseholders/ landowners
  • Lesbian, gay, transgender & bisexual
  • Civil and public servants
  • Black & minority ethnic
  • Business owner
  • Road users
  • Visitors & tourists
  • Other non-resident - business interests

Interests

  • Finance