Two Bills aimed at updating the Isle of Man's financial services and pensions legislation have completed their passage through the branches of Tynwald and are now awaiting Royal Assent.

The Financial Services (Miscellaneous Provisions) Bill 2026 and the Retirement Benefits Schemes (Amendment) Bill 2026 form part of a wider legislative reform programme led by the Isle of Man Financial Services Authority.

According to the Authority, the measures are intended to support the regulation of the financial services sector, strengthen consumer protection and ensure the island's legislative framework remains aligned with developing international standards.

The Bills were presented to Tynwald by Treasury on behalf of the Authority following a period of consultation with industry representatives, professional bodies, pension providers and other stakeholders.

The Authority said feedback received during the consultation process helped shape the final legislation.

Bettina Roth, Chief Executive of the Financial Services Authority, said: ‘The completion of the Tynwald process for these two Bills represents a significant milestone in the Authority’s work to provide clear, coherent and internationally aligned legislative frameworks.

‘I would like to thank everyone who contributed their time, expertise and feedback throughout the development of these proposals.

‘We look forward to continuing our engagement with stakeholders as we move towards implementation.’

Once Royal Assent has been granted, work will begin on implementing the new measures. This will include the development of secondary legislation, regulatory guidance and transitional arrangements.

As part of the implementation of the Financial Services (Miscellaneous Provisions) Bill 2026, the Authority plans to consult on revised civil penalty regulations and related guidance.

A separate consultation will also be held on secondary legislation supporting the Retirement Benefits Schemes (Amendment) Bill 2026. The Authority said the changes are intended to improve consumer protection while introducing a more risk-based and proportionate regulatory approach for the pensions sector.