The Isle of Man Financial Services Authority published an update on 23 October on its supervisory priorities for banks and insurers. The update covers the first 18 months of a two-year programme.
The programme is led by the authority’s Prudential Supervision Division and runs from 1 April 2025 to 31 March 2027.
The FSA said the division has worked with firms in several ways. These include risk-based meetings with senior management, thematic reviews, questionnaires and requests for information. The work falls under three broad headings:
- How firms are run, including their culture and their handling of risk
- Their capacity to withstand financial and operational strain
- The standard of the data they submit to supervisors
Within those headings, the regulator said it has looked closely at whether customers receive good value and fair treatment. It has also examined how well boards scrutinise and check their own businesses, how firms respond to financial stress and sudden shocks, and how they keep services running without interruption.
According to the FSA, its findings to date have been used to update the risk assessment of every bank and insurer it classes as high or medium impact. They have also informed broader reviews of four sectors: banking, life insurance, non-life insurance and insurance intermediaries.
The update sets out the work planned for the remaining half-year of the programme. It also reports on projects whose priority has since been changed.
The authority said the division is still dealing with notifications and consent requests from individual firms. It is also continuing policy development for both the banking and insurance sectors.
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