Isle of Man Finance

The FSC is an independent statutory body responsible for the licensing and supervision of banks, building societies, investment business, collective investment schemes and corporate service providers in the Isle of Man. The Commission is also responsible for the Companies Registry which incorporates companies and registers documents required to be filed under the Companies Acts and related legislation.

Established in 1983, the remit given to the Commission by Tynwald is to "take such steps as appear it to be necessary or expedient for the effective supervision of the private financial and commercial sector in the Island", with the exception of the insurance industry which is supervised by the Insurance and Pensions Authority. The work of the Commission is overseen by seven Commissioners appointed by the Treasury, subject to the approval of Tynwald. The Chief Executive is also a Commissioner.

Generally speaking institutions and businesses that wish to operate from the Isle of Man must establish a presence with offices and staff and do real business. However, the FSC is prepared to consider applications from banks and specialist fund administrators who wish to establish an operation on the Island that is doing real business in and/or from the Island but is staffed and resourced by another bank or third party fund administrator (as appropriate) on the Island.

The FSC seeks applications from established institutions of quality which will normally already be licensed in another jurisdiction which exercises proper licensing and supervision.

In common with many other supervisory authorities, the FSC lays great stress on capital and management as the cornerstones of any financial business and a sound basis for the confidence of its customers. The FSC therefore requires a minimum capitalisation which varies according to the nature of the business. The directors and senior management are also vetted to ensure that they are "fit and proper" persons.

For more information please visit the Financial Supervision Commission's website: www.fsc.gov.im