Banks can establish on the Island on a "managed" basis, but the Approved Manager must hold a Class 7 Management or Administration Services Licence.
The Financial Supervision Commission is prepared to allow banks to establish a presence in the Isle of Man on a 'managed' basis.
Applicants must meet the same tests on parentage etc as is the case with a domestic institution, except that they will not have their own premises in the Isle of Man.
They will therefore have to appoint as their Approved Manager a bank which holds a domestic Banking Licence, and which can satisfy the Commission that it has the necessary experience and systems to undertake the management and control of the managed bank.
The Approved Manager must hold a Class 7 Management or Administration Services Licence.
The advantages to the Island from allowing managed banks to establish:
- Additional major banking names are associated with the Isle of Man without pressures on the employment market, construction industry etc, thus avoiding certain inflationary pressures.
- Senior personnel within major banks become aware of the island, and the opportunities it offers, with the possibility of expansion into a 'full' presence.
- Additional fee income is generated for the Approved Manager. All books and records of the managed bank's business must be maintained in the Isle of Man.