Finance sector is weathering storm

CHANGE: The islands financial services industry is responding well to change, says the Manx governments John Spellman

CHANGE: The islands financial services industry is responding well to change, says the Manx governments John Spellman


WHERE You Can is a Department of Economic Development initiative, which creates a unified identity for our island.

It’s about showing the world how we manage to foster so much success and excellence across the board.

And it’s an initiative that goes hand in glove with the Isle of Man Awards for Excellence, in association with RBS International.

Here, in the first in a series of profiles looking at each of the sectors Where You Can promotes, we consider the financial services sector.

‘The Isle of Man has weathered the financial storm better than most of its competitors and is well positioned to respond to industry and international changes,’ said John Spellman, special adviser on financial services for the Isle of Man Government.

‘Against a backdrop of Eurozone crisis, taxation changes, every increasing legislation/regulation, the resilience of the Manx finance sector is quite astonishing. With increasing interest from Middle East and Far East, new opportunities arrive almost daily particularly with the cross pollination between new sector businesses and established sectors repositioning themselves.

‘The finance sector is amending its offerings to ensure that business and individual needs are met.’

The Isle of Man is renowned for quality in the provision of financial services including:

• Banking

• Captive Insurance

• Fiduciaries

• Fund Management & Administration

• Life and Pensions

It has focused on generating an environment to encourage continued growth of high quality finance entities wishing to migrate to the island or establish a new presence here.

With a Triple ‘A’ sovereign rating from Moody’s, AA+ from Standard and Poor’s, it has been recognised by the IMF as a well-regulated offshore finance centre of excellence.

The Isle of Man Government is committed to promoting and enhancing the island’s reputation as a well-respected international business centre and as an established platform for business success and prosperity.

John said the co-ordinated approach of Where You Can was bearing fruit.

‘So now it is up to us to harvest,’ he said.


This year’s Isle of Man Newspapers Awards for Excellence, in association with RBS International, will be held on November 15.

Application forms are available at www.iomtoday.co.im/afe.

If you would like to find out more about what entering can do for you, contact Trudi Williamson (tjw(at)newsiom.co.im) or Sarah Radcliffe (sarah.radcliffe(at)newsiom.co.im) or call 695695 for more information.


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