The Financial Services Authority (FSA) has outlined its priorities ahead of the 2026 Moneyval assessment, emphasising collaboration, risk management, and international compliance.
Chair Lillian Boyle and Chief Executive Martina Roth appeared before a committee to discuss the challenges and progress in the financial sector.
Martina Roth highlighted the FSA’s revised supervisory methodology, introduced in 2023, which focuses on firms posing higher risks. “If a firm is larger and could cause more harm to the island, we spend more time supervising them,” she said.
The FSA also works closely with agencies like the Financial Crime Strategic Board to coordinate preparations for the Moneyval evaluation.
Approach
On enforcement, Ms Roth explained the FSA’s approach: “We only look at enforcement when there are systemic breaches or significant failures that could hurt the island’s reputation.” She noted that fines are offset against enforcement costs, with proceeds going to Treasury.
Lillian Boyle stressed the importance of maintaining the Isle of Man’s reputation as a well-regulated financial centre. “Ensuring the island’s reputation is a political priority,” she said, adding that the FSA balances regulation with growth initiatives, such as sustainable finance and digital innovation.
Regarding concerns about compliance being a “tick-box exercise,” Ms Roth clarified: “Our role is preventative controls. We’re not determining if money laundering occurred—that’s for law enforcement.”
The FSA’s accountability includes quarterly reports to Treasury and independent board oversight. “We’re very mindful of meeting international standards,” Boyle said. “It’s paramount for the island’s long-term success.”
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