Karen will meet her new FSA colleagues later this month

Karen Badgerow. Chief exeutive of the newly formed Financial Services Authority in the Isle of Man

Karen Badgerow. Chief exeutive of the newly formed Financial Services Authority in the Isle of Man

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Canadian Karen Badgerow will be travelling over to the island later this month in advance of taking up her position as chief executive of the new Financial Services Authority.

Ms Badgerow will be joined by her partner as they spend a few days in the island.

She will be teaming up with members of staff for meetings during what promises to be a hectic few days.

She will be accompanied by her partner who is understood to carry a British passport and has family links with Liverpool. They are said to have grown-up family members who will not be coming to the island on the visit.

The new FSA is the result of a merger between the Financial Supervision Commission and the Insurance and Pensions Authority in the island.

She will take up her new position on November 1 when the new body comes into force.

Geoff Karran, chairman of the Financial Supervision Commission told Business News the search for a new boss could only start in earnest after Tynwald approved the merger of the two bodies in March. He said around 60 people were employed by the FSC and around 21 in the Insurance and Pensions Authority

Mr Karran said there was a high calibre of candidates for the new job running the island’s newly formed unified financial services regulator.

Ms Badgerow will move to the Isle of Man from Canada, where she has spent the last two years as senior vice president (insurance and risk assessment) at the Ottawa based Canada Deposit Insurance Corporation (CDIC), a federal crown corporation created by the Canadian Parliament with responsibility for insuring eligible deposits made at banks and other financial institutions.

She has more than 20 years’ experience in the regulation of deposit-taking, insurance and pensions business and prior to her role at the CDIC she held senior leadership positions at the Office of the Superintendent of Financial Institutions, Canada’s unified financial services regulator.

Geoff Karran, along with Peter Pell-Hiley, chairman of the IPA, issued a joint statement saying: ‘We are delighted to announce Karen Badgerow’s appointment as the first chief executive of the IOMFSA.

‘We believe that Karen brings an excellent blend of regulatory experience in the areas of responsibility of the new combined body and also brings significant leadership experience that will be vital in managing the merger of the two existing regulators.

‘This will enable her to lead the IOMFSA in its work to continue to enhance the Isle of Man’s reputation as a well regulated financial services centre, thereby supporting the island’s economy and its development as an international business centre’.

Ms Badgerow said: ‘I am excited to be offered this opportunity to come to the Isle of Man at this time and to work with highly qualified teams in the FSC and the IPA in moulding this new Authority.

‘I also look forward to working with the financial services industries and government departments to continue the development of the island as a well regulated International Finance Centre.’

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