The Isle of Man Financial Services Authority has published a report setting out key findings from a thematic review of Financial Resources Reporting (FRR) among low impact firms based in the Island, drawing on a questionnaire and follow-up desk-based inspections. The report includes examples of good practice, areas for improvement, and the supervisor’s analysis of the data collected. Phase One covered 15 licenceholders across classes 2, 3, 4, 5 and 7 and assessed governance and control of FRR production, including management oversight, board review, data retention periods, qualifying subordinated loans, and any breaches identified. Phase Two involved desk-based inspections of four firms, based on supplementary documentation. The findings are intended to inform the Authority’s future outreach and engagement on FRR. Firms are encouraged to review the report and assess whether their own FRR processes and procedures are effective, current and appropriately documented.
Isle of Man Financial Services Authority 2025-10-28
Isle of Man Financial Services Authority publishes thematic findings on Financial Resources Reporting processes at low impact firms
The Isle of Man Financial Services Authority released a report on a thematic review of Financial Resources Reporting among low impact firms, based on a questionnaire and desk-based inspections. The review assessed governance and control of FRR production across various licence classes, highlighting good practices and areas for improvement. The findings aim to guide future outreach and engagement on FRR, urging firms to evaluate their own processes and documentation.