The Financial Supervision Commission (FSC) is responsible for the licensing, authorisation and supervision of banks, building societies, investment businesses, collective investment schemes and fiduciary businesses.  Insurance companies are regulated by the Insurance and Pensions Authority.  The Commission is also responsible for companies' supervision which embraces the Companies Registry responsible for the incorporation of companies and the registration of documents required to be held under the Companies Acts and related legislation.

The Commission is an independent Statutory Board of the Isle of Man Government established under the Financial Supervision Commission Order 1983.

Appointments to the Board of Commissioners are approved by Tynwald, the islands Government.  In addition, at the time of a national election, all Commissioners as Members of a Statutory Board automatically retire.  New Commissioners, which may include those previously appointed, are then chosen.  The terms of appointment are for five years except in the case of the chairman whose appointed is reviewed after two and a half years.

The Board of Commissioners hold monthly meetings to consider its regular business. In addition to the above, the Commissioners attended a number of other ad hoc meetings to discuss particular issues.

The Commission takes steps to be proactive about its public relations.  It considers it important that the market place and all relevant stakeholders are kept informed as to what the Commission is doing, what are its motives, and why particular measures are necessary.  This initiative focuses on improved communication in three main areas - with licenceholders, with the legislature and government, and with the public generally.  It involves more frequent contact and informal briefings, additional seminars, feedback opportunities for the industry to the Commission, and more interaction with Commissioners.

FSC Mission Statement

"To protect the public interest by providing effective regulation and supervision within the Island's financial services sector, to support a competitive environment in which quality products and services are promoted for the economic benefit of the Island, and to foster good working relationships with the business community.'

Acknowledgement: Financial Supervison Commission

Contact Details:

Financial Supervision Commission
PO Box 58
Finch Hill House
Douglas
Isle of Man
IM99 1DT
British Isles

TEL NO: +44 (0) 1624 689300

FAX NO: +44 (0) 1624 689398

EMAIL: fsc@gov.im

Please click on the Financial Supervision Commission logo for a link to their own website.