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Banking Services

by isleofman.com 2nd May 2022

Isle of Man - Banking

 

Banking in the Isle of Man is regulated by the Financial Supervision Commission.

 

Banking Services

 

The majority of banks in the Isle of Man are engaged in providing private banking services to expatriates of the United Kingdom and to foreign nationals.

 

The services offered by banks often extend beyond deposit taking to establishing and administering trusts and managing the underlying companies and assets held by those trusts, including investment management.

 

A significant array of wealth management solutions have evolved to meet a growing demand.

 

Corporate and institutional clients, such as captive insurance companies, life assurance companies and fund managers all require sophisticated banking services - particularly in the money markets. This has led to an expansion in the continuing growth in the provision of such services.

 

Legislation

 

The main piece of legislation administered by the Financial Supervision Commission is the Financial Services Act 2008 (and the Collective Investment Schemes Act, if applicable).

 

Licence categories:

Class 1 - Deposit taking
Class 2 - Investment Business
Class 3 - Services to Collective Investment Schemes
Class 4 - Corporate Services
Class 5 - Trust Services
Class 6 - e-money
Class 7 - Management or Administration
Class 8 - Money Transmission Services

 

Banking Licences

 

The licensing policy that the Commission adopts for banks is based upon the fact that the Island has no lender of last resort, and is too small to shoulder high risk or start-up operations.

 

 

  You May Also be Interested In

 

Banking Regulation

The Isle of Man's Financial Supervision Commission.

Visitor Guide

Banking Legislation

An introduction to the Isle of Man banking legislation.

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Depositor Compensation Scheme

The Isle of Man's Depositor Compensation Scheme is managed by the Financial Supervision Commission (FSC).

Visitor Guide

Managed Banks

The Isle of Man Financial Supervision Commission allows major institutions to establish a presence on the Island on a "managed" basis".

Visitor Guide

 


 

  Back to Isle of Man Financial Services

Posted by Yabsta
2nd May 2022 4:29 pm.
Comments (0)

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