No Match Found
Against a background of increased competition, digitalisation, globalisation and regulation the outlook for the offshore banking and capital markets sector has never been more challenging. Increasingly, offshore banking services are being shaped by onshore factors resulting from the reform of the sector both globally and within the UK.
Here in the Isle of Man, we have 11 deposit taking licence holders, 1 restricted deposit taking licence holder and 1 bank representative office, collectively managing total banking deposits in excess of £35bn.
In 2016 the Isle of Man introduced the Alternative Banking Regime (ABR) framework, to provide new banking opportunities for businesses on the Isle of Man.
There are now 3 classes of licence:
Class 1 (1) – for the typical existing retail bank taking retail deposits.
Class 1 (2) – for non-retail deposit takers - those that provide services to a limited and specified customer base, such as bodies corporate and higher net worth individuals
Class 1 (3) – for Representative Offices of foreign banks, not able to take deposits in the Island.
We work with regulated and applicant clients on any part of the regulatory journey.
The current opportunities and challenges faced by the sector have heightened the importance of having the right advisers with the depth of resource. We are proud to have a long standing and dedicated banking and capital markets practice in the Isle of Man. Our practice comprises a strong team of individuals, recognised internationally for their skills and experience, having built up this expertise over the last 25 years in audit, tax, and advisory.
Our experts analyse every aspect of your business, providing real value and underpinning investor confidence. Whether fulfilling your obligation for a statutory audit, keeping up with corporate reporting, resolving complex accounting issues or transitioning to IFRS we can help.Discover more
PwC is renowned for the depth and quality of its tax expertise. Our team in the Isle of Man works with a broad range of clients to achieve effective solutions by combining industry insight with technical expertise.Discover more
With more than 25 years of experience in the Isle of Man market, solid credentials and a dedicated team of people combining deep industry knowledge and professional experience, we believe our consultants are best placed to assist you in driving your business beyond.Discover more