As many of you will have seen on our social pages this morning Manx teenager Isla Gale has won the Fishing News Awards Trainee Fisherman of the Year. Isla is an apprentice skipper aboard the Shannon Kimberley and will hopefully go on to play a big part of the island’s fishing community in the years to come. You’ve made a small island very proud.
Feedback is being invited on the proposed introduction of a new funding model and fees structure for firms regulated or supervised by the Isle of Man Financial Services Authority. The intention is to put in place a more sustainable approach that aligns with international best practice, while being mindful of the Island’s competitive position.
A consultation has been published online today setting out the proposed fees and next steps in the transition towards a predominantly industry-funded model. Firms in the Isle of Man are currently subject to comparatively lower fees for regulation and oversight compared with similar jurisdictions. At the same time, the resources and costs associated with maintaining a robust regulatory environment continue to increase.
Bettina Roth, Chief Executive Officer of the Authority, said: ‘In the interests of full transparency, we are highlighting the fees that will be required to achieve the target of being predominantly funded by industry. Our focus is on implementing a structure where the fees are proportionate, competitive, and more accurately reflect the regulatory activities being carried out. The new funding model will support efforts to ensure the continued prosperity of the Island’s financial services sector.’
She added: ‘The impact of the changes will be felt differently by each fee payer depending on factors such as their business model, size, and client base. With this in mind, we are proposing to phase in the changes over three years to allow existing businesses time to plan. It’s important to hear the views of our stakeholders and I would encourage people to respond to the consultation.’
Feedback can be emailed to Policy@iomfsa.im or submitted to Andrew Kniveton, Isle of Man Financial Services Authority, PO Box 58, Finch Hill House, Bucks Road, Douglas, IM99 1DT.
Alf Force One
The Chief Minister has been in London this week meeting with former Splash! contestant Penny Mourdant. The Tory MP is of course actually the Minister for Trade Policy.
Port St Mary Commissioners held their Annual General Meeting earlier this week and Bernadette Williams MBE was re-elected as Chair and Alan Grace as Vice Chair.