The Financial Services Authority has set out its intentions to drive continuous improvement in the island’s regulatory environment.
Available online, the plan sets out priority initiatives that will be progressed over the next three years
Part of the immediate timeframe will see FSA officers continue to contribute towards preparations for the island’s next MONEYVAL evaluation which is expected to be coming soon.
The main theme of the plan is one of evolution, with the FSA identifying work streams that support the objectives of protecting consumers, reducing financial crime and maintaining confidence in the finance sector through effective regulation.
Capacity
It will also be a period which sees the FSA seek internal efficiencies and greater automation to create additional capacity.
Lillian Boyle, chair of the FSA board, said: ‘The Strategic Plan 2024-2027 aims to be both realistic and ambitious, setting out our immediate priorities and the matters we intend to address in the next three years. W
“e believe that articulating our priorities serves to explain the Authority’s direction of travel, supports a collaborative approach with industry and enables Island firms to plan for the future with confidence.’
Implementation
The implementation of the strategy will be overseen at executive level by Bettina Roth whose position as Chief Executive of the Authority has been extended by the Board until the autumn of 2027.
Bettina Roth added: ‘The world is changing at a relentless pace so it is essential to have the flexibility to deal with fresh challenges.
“Being nimble and having the ability to adapt our plans where necessary is critical if we are to seize opportunities for economic growth, while mitigating potential threats. We will provide periodic updates and statistics to outline the progress of our stated commitments and highlight any emerging areas of focus.’
The Strategic Plan 2024-2027 is available to view on the publications section of the Authority’s website
4 Comments