The Isle of Man Finance industry has reacted to the recent International Monetary Fund (IMF) report for financial sector regulation and supervision.
The IMF's 400-page report concluded that the Isle of Man measures up well according to global standards of economic regulation and compliance.
Mike Hennessy (pictured), Chief Executive, Chamber of Commerce, said, “The Public and Private Sectors and Regulator alike will undoubtedly welcome the findings of the IMF Report.
“Certainly the accent is toward recognising that the Isle of Man is a well managed and well regulated environment.
"Much was changing in the world at the time of the IMF’s assessment visit and it is fair to say that this probably altered the brief - if anything a more cautious approach emerged.
"We adapted collectively at the time to the focus applied by IMF officials and this has borne fruit.
"Indeed, there are notes within the Report which were made subsequent to the visit (particularly re: Kaupthing Singer and Friedlander (IOM) Limited) which evidence a thorough and ongoing reflection by the IMF.
“Inevitably there are recommendations and areas to focus upon, but again if I take some of the 'High Priority' areas I am already comforted that action is/was underway.
"For instance, the Government, and separately the Regulator, are already actively talking with Industry on matters such as Statistical Information, Local Liquidity needs (Banks) and a review of the Depositors Compensation Scheme.
“We should not forget that a positive review from the IMF is an essential platform and indeed 'only' a stepping stone on our journey to success.
"It is the implementation of our strategies that will see true results against the backdrop of the IMF and Foot Reviews. That said, we should rightly be pleased.”
Gary Boal, Managing Director of Boal & Co, added, “It’s pleasing, though not surprising, to see the very positive affirmation of the financial strength of the life assurance sector and its resilient profitability.
"Independent verification of the markedly low financial risk within the life sector will be of considerable comfort to policyholders worldwide.
"The report recognises that there are some areas where standards can be improved, for example in public financial disclosures, and work in the future in these sorts of issues is to be encouraged.”
John Spellman, Director of Isle of Man Finance, concluded, “The Isle of Man welcomes the endorsement of the way the Island seeks to manage its affairs.
"Alongside business, we are committed to providing a secure environment for commerce and their customers alike; with this report being particularly timely for the imminent publication of the Foot Review”.
The full IMF report on the Isle of Man can be found here at the Isle of Man Financial Supervision Commission website.
