Isle of Man Financial Services Authority

A brilliant morning at our annual Isle of Man Pensions Governance Conference. The day was opened by Minister for the Department for Enterprise, Tim Johnston MHK, who emphasised the value of the pensions industry on the Island with more than £14.5bn assets under administration as well as the increasing complexities involved with overseeing pension schemes. We then heard from Bettina Roth, Ashley Whyte FICA, Ros Lynch and Andrew Kniveton, from the Isle of Man Financial Services Authority who provided a comprehensive regulatory update followed by an engaging Q&A. Our DB breakout on actuarial issues by Andrew Pugh and DC breakout on pension adequacy by Hannah English both proved popular and encouraged plenty of audience participation. Simon Evans and Ben Hughes shared some interesting case studies to get us thinking about GDPR. We closed the morning with a thought provoking panel discussion covering a whole range of audience questions crossing investments, regulation, auto enrolment, gender pay gap, US election and much more. On to the afternoon…! #pensions #governance #conference

Thank you for inviting the Authority to attend the Pension Governance seminar and provide an insight into a range of key topics. Bettina Roth Ros Lynch Ashley Whyte FICA and Andrew Kniveton enjoyed engaging with the audience during the Q&A panel session.

If you are attending today’s Employment & Skills event at the Villa Marina, make sure you head to the Authority’s stand in the Promenade Suite. Pick up an FSA pen and a leaflet and stop for a chat with Sam and Trish about the opportunities available at the Island’s financial services regulator. Our wide-ranging remit means that we can offer a variety of unique, exciting and challenging careers for hard-working, passionate individuals. While there is a strong focus on supervision, oversight and enforcement roles, positions may arise in other areas from time to time, including IT, HR, legal, policy, risk, project management and communications. To find out more about our benefits package and what it’s like to work for the Authority, please visit the careers section of our website: https://lnkd.in/dDbCkJ72

We are looking forward to taking part in tomorrow’s Employment & Skills event at the Villa Marina. If you are attending, please check out our stand and speak to our representatives about career opportunities at the Authority. We promote a culture of professional excellence and encourage staff to fulfil their full potential. Learning and development opportunities are provided in many forms, such as structured on-the-job training, professional study, soft skills training, participation on internal and external training sessions, secondments, mentoring, project work and attending relevant conferences and seminars. We aim to create an environment in which our employees are engaged, supported, challenged and motivated. Find out what it’s like to work for the Authority by viewing our staff testimonials. Careers: https://lnkd.in/eMUUq2GZ

It’s AML Wednesday! The Authority is currently implementing some improvements to the AML/CFT Annual Statistical Return. We are proposing to streamline and simplify the questions, as well as strengthen the accompanying guidance, in order to enhance the user’s overall experience of the process. The deadline will be brought forward to 31 March each year, providing firms with a three-month window to submit their return. This is necessary to ensure the Authority’s risk-based supervisory programme and decision-making are being informed by more current and accurate data. The data we collect also feeds into the Island’s National Risk Assessment and supports preparations for our international evaluations. We appreciate the continued positive engagement from our stakeholders and will provide further information about the changes to the annual return in due course. News release: https://lnkd.in/dVfnY-qc #amlwednesday

In our next session here at the 📍Villa Marina, Bettina Roth, CEO of the Isle of Man Financial Services Authority (FSA), outlined the Authority’s commitment to supporting the Sustainable Finance Roadmap. 🌍✨ What the Isle of Man FSA will be doing to support this: 📊 The Authority will offer sector-specific guidance for strategies. ♻️ Ensure consumer protection against greenwashing. 👥 A dedicated sustainable finance and ESG advisor will be onboarded to enhance their efforts. These are just some of the steps being made to solidify the Isle of Man as a Sustainable Finance leader. #IOMFinance #SustainableFinance #FinancialServicesAuthority

An exciting and dynamic opportunity has arisen at the Authority for the role: Sustainable Finance and ESG Adviser https://lnkd.in/ehCVFtfN

It’s AML Wednesday! Our licensing and authorisations process is vital in terms of maintaining the integrity of the finance sector and protecting consumers from financial harm. We take our gatekeeper role very seriously indeed. Firms must prove they have a suitable presence in the Island, appropriate systems and controls, and competent and experienced staff who are fit and proper to operate in the regulated sector. This robust evaluation process is aimed at preventing bad actors from gaining a foothold in the Island and damaging our positive reputation. Authorisations information: https://lnkd.in/dYpvZXQ7

We have set out our intentions to drive continuous improvement in the Island’s regulatory environment. The Strategic Plan 2024-2027 highlights the priority initiatives that will be progressed over the next three years, with the focus on embedding our updated approach to supervision, maximising our use of data and developing our people. The theme is one of evolution, with the strategic plan identifying workstreams that support the objectives of protecting consumers, reducing financial crime and maintaining confidence in the finance sector through effective regulation. Our officers will also continue to make an important contribution towards preparations for the Isle of Man’s next MONEYVAL evaluation. Where internal efficiencies and greater automation create additional capacity, projects will be progressed that we believe will add real purpose and value for our stakeholders. View the Strategic Plan: https://lnkd.in/e3WG4qRf

Changes are being implemented to update key elements of the Island’s AML/CFT framework. The Authority, in conjunction with the Department of Home Affairs and Treasury, has led a revision of the Proceeds of Crime Act 2008 and the Designated Business (Registration and Oversight) Act 2015. Those amendments take effect from today, Friday 25 October 2024, while the new Travel Rule (Transfer of Virtual Assets) Code 2024 comes into operation from Monday 28 October 2024. The intention is to achieve consistency across the Island’s AML/CFT legislation and ensure greater alignment with international standards and the definitions and terminology set by the Financial Action Task Force (FATF), the organisation that leads global action to counter money laundering, terrorist financing and proliferation financing. Full news release: https://lnkd.in/eBdU2HNx