More than £200k paid in staff bonuses at financial regulator over two years

Financial Services Authority says payments were not linked to enforcement action and were made within budget constraints

The Isle of Man Financial Services Authority has awarded more than £200,000 in staff bonuses across the past two financial years, despite not operating a formal performance-related pay scheme.

Figures released by the regulator show that £72,892 was distributed among 55 employees in 2023/24, with a further £130,225 shared between 78 staff in 2024/25.

The payments are described as non-consolidated performance-related incentives to recognise ‘continued high performance’.

The Authority clarified that the bonuses were not linked to enforcement action or discretionary civil penalties, and there is no contractual entitlement for staff to receive them.

In a written statement, the regulator stresses that its compensation strategy is reviewed annually by its Board and operates within the budget constraints set by Treasury.

It added that individual employment contracts do not include provisions for bonus payments or performance-related pay schemes.

The clarification comes in response to a written question in Tynwald, amid wider scrutiny of departmental spending.