Regulation  

Isle of Man looks for its own Martin Wheatley

Isle of Man looks for its own Martin Wheatley

The Manx government has begun the process of recruiting a chief executive for its new Financial Services Authority.

The Isle of Man government announced last year that the Insurance and Pensions Authority and the Financial Supervision Commission would be merged during 2015.

Once established in November, the Manx FSA will be responsible for the regulation of all financial services on the island and the reduction of financial crime.

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The chief executive, who will be paid an “attractive” salary, will need to have a track record in “establishing relationships with a range of external stakeholders” and “proven ability to manage change and transformation”.

Isle of Man chief minister Allan Bell said: “I believe it is absolutely essential that we make every effort possible to preserve the best of both cultures.

“We have to have a regulator responsive to the international agenda to protect the Isle of Man and to ensure that our businesses can compete effectively in the markets.

“So it is most important that whoever populates the new regulator they have to ensure this balance between regulation and commercial reality.”

The closing date for applications for the role is midnight on Friday, 17 April.

Adviser view

Paul Chase, a director of Douglas-based Financial Options, said: “I think the new regulator will be useful.

“We will only have one regulator which we need to liaise with and it will make things clearer.”