Regulation: Financial Supervision Commission
Deposit-taking requires a Class 1 licence and permits a business operating in or from the Isle of Man (with certain specified exclusions) to accept deposits of money where a) the money received by way of deposit is lent to others or b) any other activity of the person accepting the deposit is financed wholly, or to a material extent, out of the capital of or interest on the money received by way of deposit.
The Banking Licence
An unrestricted banking licence permits a bank to conduct a full range of banking business with customers both in the Isle of Man and elsewhere. The licence holder must have a real presence on the Isle of Man. This means that it must satisfy the Commission that it has, on the Isle of Man, management and staff, discrete and secure premises, and adequate systems and resources to conduct banking business.
All banking licenceholders must be members of the Depositors' Compensation Scheme ('the Scheme') except that, if they are not accepting retail deposits, they may apply for exemption from the Scheme.
Managed Licenceholders
A managed licenceholder employs the services of another licensed bank in the Isle of Man, the 'Approved Manager', to provide the day-to-day management and administrative functions to it. The managed licenceholder may not employ any staff in the Island without the consent of the Commission; and it must operate from the premises of the 'Approved Manager'.
Please click on the Financial Supervision Commission logo for a link to their own website.