IoM FSA boosting prudential supervision - new hires

Some six months on from announcing an internal restructuring, the Isle of Man Financial Services Authority has announced additional hirings for its Prudential Supervision Division.

One role is for a "Manager - Life Insurance", responsible for supervising relevant regulated entities, with experience in "operational, actuarial, compliance, assurance, risk or audit role".

The other is for an "Administrative Officer" who is willing to "to undertake relevant training or qualifications as and when required"

The Prudential Supervision Division is responsible for the supervision of all deposit takers (banks), credit unions, and insurers. It is also responsible for managing the authorisation of new insurers.

It primarily operates through two teams; one covering the supervision of banks and credit unions, and another covering the supervision of insurers. Firms assessed as high or medium impact have a dedicated point of contact.

This is one of four divisions allocated particular remits within the IoM FSA. The others include: Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) Supervision Division; High and Medium Impact (HMI) Supervision Division; and Portfolio Supervision Division.

Internal restruturing of the IoM FSA was announced in February 2023, when Bettina Roth, as the Authority's CEO, told the Manx State of the Nation conference of the intention to focus resources on what it saw as the biggest threat to its "regulatory objectives of protecting consumers, reducing financial crime, and maintaining confidence in the Island's financial services sector."

Roth said then that the new approach recognised that "not all firms are equal" and that "As a modern regulator, we believe we can deliver most value by focusing our energies on the most significant firms and the greatest potential impacts on the Island's financial system."