About the Isle of Man
The Financial Supervision Commission was established in 1983 as an independent statutory body in the Isle of Man. The Commission’s functions are described in the Financial Services Act 2008 and include:
(a) the regulation and supervision of persons undertaking regulated activities (i.e. deposit-taking, investment business, services to collective investment schemes, fiduciary services, money transmission services) in or from the Isle of Man;
(b) the maintenance and development of the regulatory regime for regulated activities; and
(c) the oversight of directors and persons responsible for the management, administration or affairs of commercial entities.
The Commission’s responsibilities do not extend to the insurance and pensions industries, which are supervised by the Insurance and Pensions Authority.
The Commission’s regulatory objectives are —
(a) securing an appropriate degree of protection for the customers of persons carrying on a regulated activity;
(b) the reduction of financial crime; and
(c) supporting the Island’s economy and its development as an international financial centre.
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. The Commission is structured in divisions, as shown on the structure chart.
In discharging its functions the Commission is required to have regard to the —
(a) need for the regulatory, supervisory and registration regimes to be effective, responsive to commercial developments and proportionate to the benefits which are expected to result from the imposition of any regulatory burden;
(b) need to use its resources in the most efficient and economic way;
(c) desirability of implementing and applying recognised international standards;
(d) desirability of cooperating with governments, regulators and others outside the Island;
(e) need to safeguard the reputation of the Island;
(f) responsibilities of those who manage the affairs of permitted persons;
(g) international character of financial services and markets and the desirability of maintaining the competitive position of the Island;
(h) desirability of facilitating the development of the financial services industry.