Conducting a review into the Island's regulatory bodies is the best way forward, according to Rushen MHK Juan Watterson.

Treasury Minister Allan suggested the review and Mr Watterson called for a time-limit of one year to be put on the exercise.

Those proposals were voted through unanimously as an alternative to Michael MHK David Cannan's original motions, which called on Tynwald to say it didn't approve of directors of licensed companies being members of the Financial Supervision Commission and Insurance and Pensions Authority.

Mr Watterson (pictured) says it's about striking a balance: