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FSA update reveals six licence losses

Regulator reflects on changing landscape

The Isle of Man Financial Services Authority has reflected on an 'historic' year for the industry in its latest Update newsletter.

Chief Executive Karen Badgerow highlighted Brexit, the founding of an alternative banking regime and the Manx Credit Union, as well as an internal Programme for Change, as the most significant changes 2016 has thrown up so far.

It's revealed that since July, six firms have surrendered their licences with the FSA.

Meanwhile 233 registered 'designated businesses' are incorporated here.

There's also an update on MONEYVAL, which is now drafting its report on the Isle of Man after an assessment in April and May - that's due for release this December.

The FSA says there's more in the works too: it's planning a consultation on insurance, followed by a 'Quantitative Impact Assessment' in the coming months; there's also a draft Credit Unions Bill in the pipeline for after the general election.

You can read the full report at iomfsa.im.

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