About the Isle of Man
About Us
The FSC is an independent statutory body responsible for the licensing and supervision of banks, building societies, investment business , collective investment schemes and corporate and trust service providers in the Isle of Man. The Commission is also responsible for the Companies Registry which incorporates companies and registers documents required to be filed under the Companies Acts and related legislation.
Established in 1983, the remit given to the Commission by Tynwald is to "take such steps as appear to it to be necessary or expedient for the effective supervision of the private financial and commercial sector in the Island", with the exception of the insurance industry which is supervised by the Insurance and Pensions Authority.
The work of the Commission is overseen by seven Commissioners appointed by the Treasury, subject to the approval of Tynwald. The Chief Executive is also a Commissioner.
Our Mission Is:
"To protect the public interest by providing effective regulation and supervision within the Island's financial services sector and to support a competitive environment in which quality products and services are promoted for the economic benefit of the Island, and to foster good working relationships within the business community."
We are committed to applying international standards of regulation and supervision across all areas of our work. This is essential if the integrity of the Isle of Man's financial system is to be maintained and access to other markets increased. The Commission's leadership in offshore markets over many years has done much to enhance its reputation internationally.
The International Monetary Fund's ("IMF") Report on the Isle of Man, published in November 2003, confirmed that the Island "complies well" with international standards for the regulation and supervision of financial services.
As an international financial centre however, it is also important that regulation does not extend so far ahead that it makes the Island an uncompetitive place in which to do business. We therefore strive to maintain a level playing field with other jurisdictions for licenceholders, consistent with the adoption of sound principles of depositor and investor protection.
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