Section Overviews
FSC - Financial Supervision Commission
The FSC is an independent statutory body established in 1983. The remit given to the Commission by Tynwald is to 'take such steps as appear to 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.
Acknowledgement: Financial Supervison Commission
IPA - Insurance and Pensions Authority
The aim of the Insurance and Pensions Legislation and regulatory process is to deter the unscrupulous without hindering forward-thinking dynamic companies. Supervision is achieved in an environment of trust and co-operation between the IPA and the marketplace. The result is that the Island protects its history and its future, as an international insurance and pensions centre of high repute.
Acknowledgement: Insurance and Pensions Authority
ODPS - Office of the Data Protection Supervisor
The Data Protection Act 2002 came into operation on the 1st April 2003 and has repealed and replaced the 1986 Act. The Act has been drafted to meet the standards set out in the European Data Protection Directive 95/46/EC and is broadly similar to the UK's Data Protection Act 1998. The Act extends protection to cover manual records, as well as computer records, CCTV systems,etc, and also establishes new rights for individuals. The Office is funded by the Isle of Man Treasury but is independent of Government.
Acknowledgement: Office of Data Protection Supervisor
OFT - Office of Fair Trading
The Isle of Man Office of Fair Trading is a Statutory Board that provides the appropriate legislation, advice, and compliance services to benefit and protect the Island's consumers and businesses from unfair trading practises. They seek to avoid prosecutions by providing the correct information to traders, manufacturers and service providers who conduct their business within the Island and to enable them to comply with island legislation.
Acknowledgement: Office of Fair Trading
Financial Crime Unit
The Isle of Man Financial Crime Unit is fully equipped and staffed to meet all modern financial equipment. It is a fully trained squad with lawyers and accountants aiming principally to prevent crime but if a crime is committed, it is able to respond and has a high detection rate.
Acknowledgement: Isleofman.com