Index of Departments

Financial Supervision Commission

Contact Details

Contact details for all the Commission's staff are listed on the FSC website

Number of Staff: Total number of staff: 66

Main Policy

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.

Functions and Responsibilities

On 23rd June 1983, the Governor in Council made the Financial Supervision Commission Order 1983 (Government Circular No 181/83).

The Order provides for the establishment and constitution of a statutory body under the name of: the 'Financial Supervision Commission' whose functions include taking steps leading to the effective supervision of the financial sector of the economy of the Isle of Man

The Order came into operation on 12th July 1983, when it was approved by Resolution of Tynwald.

In 2008 the Financial Services Act 2008 was enacted, which specified the constitution and functions of the Financial Supervision Commission.

Our main functions include:

1. The licensing and supervision of persons undertaking the regulated activities listed in section 3 of the Financial Services Act 2008 and the Regulated Activities Order 2008;
2. The regulation and supervision of collective investment schemes under the Collective Investment Schemes Act 2008;
3. The incorporation of companies and the registration of documents required to be filed under the Companies Act 1931-2004, Companies Act 2006 and related legislation;
4. The provision of facilities for the public to search publicly filed company records;
5. The development of effective enforcement strategies to protect investors and depositors interests and the reputation of the Isle of Man;
6. Taking effective prosecution action against people or entities which abuse the Isle of Man legislation that the Commission is responsible for;
7. Developing proposals which take account of the needs of the Commission’s stakeholders and international regulatory standards.

The Commission’s responsibilities do not extend to the insurance and pensions industries, which are supervised by the Insurance and Pensions Authority.

The FSC’s 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.

Websites

Department	Web Address
FSC website:	www.gov.im/fsc