The Insurance and Pensions Authority (IPA), Insurance and Pensions Supervisor, and the Financial Supervision Commission (FSC) will combine to form the new single financial services regulator.
“Having one financial regulator for the island will produce a leaner, fitter system of regulation,” said IoM treasury minister Eddie Teare in March 2015, after parliament voted in favour of the move.
Wide range of benefits
The merger is expected to offer a wide range of benefits in terms of enhanced capabilities, consistency of regulatory approach, and efficiencies.
IoMFSA chief executive Karen Badgerow was appointed on 5 August 2015 and will take up her position on 1 November.
Badgerow spent the last two years as senior vice president insurance and risk assessment at the Canada Deposit Insurance Corporation (CDIC). A federal crown corporation created by the Canadian Parliament, the CDIC is responsible for insuring eligible deposits made at banks and other financial institutions.
Operate separately for the foreseeable future
The regulatory frameworks of the IPA and FSC will continue to operate separately under the existing legislation for the foreseeable future. As a result, most IPA/FSC staff will continue carrying out the same roles until such time as the new board and chief executive determine a restructuring plan.
