FSC releases Annual Report for 2011/12: finance sector profits rise overall, despite challenging times - F.S.C Press Release

The Financial Supervision Commission has published its Annual Report for 2011/12. The Report will be laid before Tynwald in fulfilment of the Commission’s obligation under the Financial Services Act 2008.

The Report gives a detailed account of the Commission’s activities during the period. In difficult circumstances the finance sector has had to work hard to retain its market share and to sustain revenues. This has been helped by a strong focus from Government on economic growth, although a sustained recovery in global wealth on which the Island has a key dependency still has a long way to go.

Mr John Aspden, Chief Executive of the Commission, said “These are challenging times requiring many to respond with a new strategy for business. This year we have increased the amount of information published in our Report, and it is encouraging to report that pre-tax profits across all sectors in the finance industry have increased. The mood remains one of ‘can do’ and of looking for new opportunities. It is essential to maintain the recognition which the Island receives internationally to assist this process.”

27th July 2012