Index of Departments
Contact details for all the Commission's staff are listed on the FSC website Total number of staff: 60 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. | 2008/2009 |
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| ESTIMATED GROSS EXPENDITURE: | GBP £4,592,784 | | ESTIMATED RECEIPTS: | GBP £12,598,809 | | ESTIMATED NET SURPLUS: | GBP £8,006,025 |
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. The main functions of the Commission include: - the licensing and supervision of banks under the Banking Act 1998;
- the licensing and supervision of investment businesses under the Investment Business Acts 1991 to 1993;
- the authorisation and supervision of collective investment schemes under the Financial Supervision Act 1988;
- the authorisation and supervision of building societies pursuant to Sections 2 and 4(A) of the Building Societies Act 1986;
- the licensing and supervision of corporate service providers under the Corporate Service Providers Act 2000; and
- the incorporation of companies and the registration of documents required to the filed under the Companies Acts and related legislation.
To fulfil its Mission, the Commission will: - protect investors' and depositors' interests
- promote the financial stability of financial institutions.
- promote the highest standards of competence and professional qualification.
- protect the integrity of the financial community.
- protect the reputation of the Isle of Man.
- monitor compliance with the standards, taking prompt action where necessary;
- take steps to investigate and where appropriate prosecute those engaged in unlicensed investment, banking or corporate service providers business;
- co-operate with other regulators and play a full-time part in the development of international regulatory standards;
- provide a consistent delivery of high level service within the Companies Registry;
- assist Government in reviewing and promoting legislation relevant to the financial services industry; and
- seek the participation and support of the industry in achieving its objectives
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