The Isle of Man has combined the functions of the Insurance and Pensions Authority (IPA) and the Financial Supervision Commission (FSC) under a single a regulator.
Its Financial Services Authority will take on the roles of the IPA and the FSC from 1 November. They will subsequently be dissolved.
The chief executive for the newly combined regulatory authority, Karen Badgerow, was appointed on 5 August and will take up her position on 1 November.
The Isle of Man’s parliament approved the treasury’s appointment of the board of the new authority this month.
The merger of the IPA and FSC has been coordinated by a steering committee comprising members of the existing IPA and FSC boards in order to achieve a successful handover to the new organisation.
Key operational issues have been addressed prior to the transfer of function, in order to minimise the impact on those regulated, according to an FSC statement.
Once the new chief executive and members of the authority are in place, work can begin on developing the new organisation to achieve resources and processes to meet regulatory objectives.
The steering committee and existing IPA and FSC boards have confirmed that there will be no significant changes to the current regulatory environment.
The boards believe that achieving effective integration between existing IPA and FSC functions is a long term objective that will need to be approached with due consideration by the new chief executive and members of the authority.
