In the latest edition of European Magazine, Michael Crowe, Chief Executive of Finance Isle of Man, explains why changes in the commercial landscape are drawing companies to the benefits of international finance centres.
The global financial and professional services industry has undergone unprecedented change in the last few years. From technological disruption, new regulatory frameworks, increased media scrutiny, to issues with talent acquisition and retention, the sector faces numerous challenges and opportunities. And that’s without mentioning Brexit.
Against this backdrop, firms are looking towards international financial centres to help navigate the environment, overcome challenges and maximise opportunities. As a private/public partnership, Finance Isle of Man collaborates with local industry to understand and best represent the needs of our sector. We promote and develop the significant financial and professional services industry and ensure its recognition as an international
financial centre of excellence, delivering long-term sustainable economic growth.
The Isle of Man has a long tradition in financial services, and a diverse sector encompassing banking, insurance, fiduciaries, funds and wealth management, pensions, and professional services. It is home to a wide range of firms and the sector remains an important economic contributor.
The financial and professional services industry’s continued growth can be attributed to its ability to innovate. For example, we introduced the Alternative Banking Regime (ABR) which provides two additional types of banking licenses and is designed to attract banking operations, particularly private banks, foreign bank branches and representative offices. In July 2018, Investec Bank (Channel Islands) was granted the first ABR license and this year CIB Limited, part of the Capital International group, was awarded a provisional Class 1 (2) license. There is also an opportunity for technology-based or other financial services businesses to explore a natural progression into the provision of banking services.
Furthermore, our financial services firms are committed to raising the bar for international best practice. This year the Conduct of Business Code was introduced for life insurance and wealth management companies, ensuring greater transparency and enhanced protection for customers.
As competition in the sector intensifies, financial services businesses need to transform and innovate to survive. Most firms have already diversified into new products and services and invested in technology to drive growth, improve client experience and achieve greater operational efficiencies. There is no doubt this trend will continue into 2020 and beyond.
As businesses transform, they will be drawn to international financial centres with innovative frameworks already in place to help them maximise opportunities. With a robust regulatory framework, long-standing heritage and politically and economically stable environment, the Isle of Man remains confident and optimistic for the future.
Nov 28, 2023
Nov 9, 2023
Oct 31, 2023
Oct 24, 2023
Oct 23, 2023
Oct 20, 2023
Oct 20, 2023
Oct 16, 2023
Oct 13, 2023
Oct 10, 2023
Oct 10, 2023
Oct 10, 2023
Oct 2, 2023
Oct 2, 2023
Sep 29, 2023
Sep 27, 2023
Sep 14, 2023
Jul 27, 2023
Jul 25, 2023
Jul 24, 2023
Jul 20, 2023
Jul 19, 2023
Jul 18, 2023
Jul 17, 2023
Jul 13, 2023
Jul 4, 2023
Jul 3, 2023
Jul 3, 2023
Jun 30, 2023
Jun 12, 2023
May 24, 2023
May 4, 2023
May 4, 2023
May 4, 2023
May 3, 2023
Apr 19, 2023
Apr 18, 2023
Mar 21, 2023
Mar 17, 2023
Mar 8, 2023
Feb 28, 2023
Feb 14, 2023
Feb 7, 2023
Feb 2, 2023
Jan 24, 2023
Jan 23, 2023
Jan 18, 2023
Jan 13, 2023
Jan 6, 2023
Jan 6, 2023
Jan 4, 2023
Jan 3, 2023
Jan 3, 2023
Dec 22, 2022
Dec 14, 2022
Dec 12, 2022
Dec 7, 2022
Nov 28, 2022
Nov 22, 2022
Nov 22, 2022
Nov 21, 2022
Nov 14, 2022
Nov 8, 2022
Oct 26, 2022
Oct 21, 2022
Oct 17, 2022
Sep 27, 2022
Sep 27, 2022
Sep 22, 2022
Aug 12, 2022
Jul 27, 2022
Jul 21, 2022
Jul 20, 2022
Jul 7, 2022
Jun 30, 2022
Jun 30, 2022
Jun 29, 2022
Jun 28, 2022
Jun 15, 2022
May 19, 2022
May 18, 2022
May 17, 2022
May 13, 2022
May 9, 2022
Apr 28, 2022
Apr 8, 2022
Apr 4, 2022
Mar 28, 2022
Mar 16, 2022
Mar 7, 2022
Mar 1, 2022
Feb 7, 2022
Feb 1, 2022
Jan 21, 2022
Dec 21, 2021
Dec 6, 2021
Nov 9, 2021
Oct 25, 2021
Oct 12, 2021
Oct 12, 2021
Oct 4, 2021
Oct 4, 2021
Oct 4, 2021
Oct 4, 2021
Oct 4, 2021
Aug 31, 2021
Aug 31, 2021
Aug 31, 2021
Aug 10, 2021
Aug 10, 2021
Jul 26, 2021
Jul 15, 2021
Jun 29, 2021
Jun 9, 2021
Jun 2, 2021
Jun 2, 2021
Jun 2, 2021
Jun 2, 2021
Jun 2, 2021
Jun 2, 2021
May 13, 2021
May 13, 2021
May 7, 2021
May 4, 2021
Apr 27, 2021
Apr 27, 2021
Apr 27, 2021
Apr 27, 2021
Apr 22, 2021
Apr 20, 2021
Apr 20, 2021
Apr 1, 2021
Mar 31, 2021
Mar 30, 2021
Mar 29, 2021
Mar 26, 2021
Mar 25, 2021
Mar 10, 2021
Feb 23, 2021
Feb 17, 2021
Feb 12, 2021
Feb 2, 2021
Feb 2, 2021
Feb 2, 2021
Feb 2, 2021
Feb 2, 2021
Feb 2, 2021
Jan 19, 2021
Jan 15, 2021
Jan 15, 2021
Jan 15, 2021
Jan 11, 2021
Dec 23, 2020
Dec 3, 2020
Dec 1, 2020
Dec 1, 2020
Nov 30, 2020
Nov 17, 2020
Nov 5, 2020
Nov 2, 2020
Oct 22, 2020
Oct 22, 2020
Oct 20, 2020
Oct 13, 2020
Oct 7, 2020
Oct 1, 2020
Oct 1, 2020
Sep 30, 2020
Sep 29, 2020
Sep 29, 2020
Sep 29, 2020
Sep 24, 2020
Sep 23, 2020
Sep 23, 2020
Sep 21, 2020
Sep 16, 2020
Sep 16, 2020
Sep 14, 2020
Sep 7, 2020
Aug 24, 2020
Aug 24, 2020
Aug 13, 2020
Aug 13, 2020
Aug 13, 2020
Aug 5, 2020
Aug 4, 2020
Jul 30, 2020
Jul 30, 2020
Jul 30, 2020
Jul 29, 2020
Jul 28, 2020
Jul 27, 2020
Jul 27, 2020
Jul 27, 2020
Jul 24, 2020
Jul 24, 2020
Jul 13, 2020
Jul 13, 2020
Jul 7, 2020
Jun 30, 2020
Jun 29, 2020
Jun 29, 2020
Jun 29, 2020
Jun 25, 2020
Jun 22, 2020
Jun 3, 2020
May 28, 2020
May 28, 2020
May 28, 2020
May 18, 2020
May 18, 2020
May 1, 2020
May 1, 2020
May 1, 2020
May 1, 2020
May 1, 2020
May 1, 2020
May 1, 2020
May 1, 2020
May 1, 2020
May 1, 2020
Apr 17, 2020
Mar 17, 2020
Mar 16, 2020
Mar 13, 2020
Mar 11, 2020
Feb 28, 2020
Feb 28, 2020
Feb 28, 2020
Feb 20, 2020
Feb 20, 2020
Jan 27, 2020
Jan 24, 2020
Jan 24, 2020
Jan 23, 2020
Dec 18, 2019
Dec 17, 2019
Dec 16, 2019
Dec 16, 2019
Dec 16, 2019
Dec 16, 2019
Dec 16, 2019
Dec 16, 2019
Dec 16, 2019
Dec 16, 2019
Dec 16, 2019
Nov 25, 2019
Nov 25, 2019
Nov 25, 2019
Nov 25, 2019
Nov 22, 2019
Nov 14, 2019
Nov 14, 2019
Nov 13, 2019
Nov 13, 2019
Nov 12, 2019
Nov 12, 2019
Nov 12, 2019
Nov 6, 2019
Oct 21, 2019
Oct 21, 2019
Oct 17, 2019
Oct 15, 2019
Oct 15, 2019
Oct 15, 2019
Oct 4, 2019
Oct 4, 2019
Sep 27, 2019
Sep 27, 2019
Sep 27, 2019
Sep 27, 2019
Sep 25, 2019
Sep 19, 2019
Sep 18, 2019
Sep 10, 2019
Aug 30, 2019
Aug 30, 2019
Aug 30, 2019
Aug 29, 2019
Aug 29, 2019
Aug 29, 2019
Aug 29, 2019
Aug 29, 2019
Aug 29, 2019
Aug 29, 2019
Aug 29, 2019
Aug 15, 2019
Aug 2, 2019
Aug 2, 2019
Aug 1, 2019
Jul 31, 2019
Jul 31, 2019
Jul 31, 2019
Jul 31, 2019
Jul 31, 2019
Jul 31, 2019
Jul 31, 2019
Jul 31, 2019
Jul 31, 2019
Jul 31, 2019
Jul 31, 2019
Jul 31, 2019
Jul 31, 2019
Jul 31, 2019
Jul 31, 2019
Jul 12, 2019
Jun 28, 2019
Jun 28, 2019
Jun 27, 2019
Jun 27, 2019
Jun 27, 2019
Jun 27, 2019
Jun 27, 2019
Jun 27, 2019
Jun 27, 2019
Jun 27, 2019
Jun 27, 2019
Jun 27, 2019
Jun 19, 2019
May 31, 2019
May 31, 2019
May 30, 2019
May 30, 2019
May 30, 2019
May 30, 2019
May 30, 2019
May 30, 2019
May 30, 2019
May 30, 2019
May 30, 2019
May 30, 2019
May 30, 2019
May 23, 2019
May 7, 2019
May 1, 2019
May 1, 2019
May 1, 2019
May 1, 2019
May 1, 2019
May 1, 2019
May 1, 2019
May 1, 2019
May 1, 2019
May 1, 2019
May 1, 2019
Mar 29, 2019
Mar 29, 2019
Mar 29, 2019
Mar 29, 2019
Mar 29, 2019
Mar 29, 2019
Mar 20, 2019
Mar 20, 2019
Mar 20, 2019
Mar 20, 2019
Mar 14, 2019
Mar 6, 2019
Feb 25, 2019
Feb 25, 2019
Feb 19, 2019
Feb 19, 2019
Feb 19, 2019
Feb 19, 2019
Feb 15, 2019
Feb 4, 2019
Feb 1, 2019
Feb 1, 2019
Feb 1, 2019
Feb 1, 2019
Jan 24, 2019
Jan 17, 2019
Jan 14, 2019
Jan 11, 2019
Jan 10, 2019
Jan 7, 2019
Dec 17, 2018
Nov 8, 2018
Nov 1, 2018
Oct 30, 2018
Oct 29, 2018
Oct 19, 2018
Oct 19, 2018
Oct 19, 2018
Oct 19, 2018
Oct 19, 2018
Oct 19, 2018
Oct 19, 2018
Oct 19, 2018
Oct 19, 2018
Oct 19, 2018