The Isle of Man’s life sector succeeds thanks to its constituent parts working closely together. The key providers are our Government and Regulator, our Association and, of course, our Companies.
This page provides you with links to all our providers and below is a summary of our regulatory framework which underpins everything that we do.
The Isle of Man Financial Services Authority regulates the Island’s financial services. Its objectives are:
- Securing an appropriate degree of protection for policyholders, members of retirement benefits schemes and the customers of persons carrying on a regulated activity;
- The reduction of financial crime; and
- The maintenance of confidence in the Island’s financial services, insurance and pensions industries through effective regulation, thereby supporting the Island’s economy and its development as an international financial centre.
- The functions of the Authority include:
- The regulation and supervision of persons undertaking regulated activities in respect of deposit taking, investment business, services to collective investment schemes, fiduciary services and money transmission services, in or from the Isle of Man
- The regulation and supervision of persons undertaking regulated activities in respect of insurance and pensions, in or from the Isle of Man
- The regulation and supervision of collective investment schemes within the meaning of the Collective Investment Schemes Act 2008
- The regulation and supervision of retirement benefits schemes within the meaning of the Retirement Benefits Schemes Act 2000
- The maintenance and development of the regulatory regime for all of the above
- The conduct of investigations into any potential liability arising from breach of AML/CFT legislation by persons undertaking regulated activities
- The oversight of directors and persons responsible for the management, administration or affairs of commercial entities
- Participation in consultative bodies, working groups and other arrangements