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Banking sector changes proposed

New business mooted in consultation

Should the Isle of Man change its banking regulations to try and open up the sector and attract new business?

The Financial Services Authority is  running a public consultation on the proposals, after one was conducted within the industry by the Department of Economic Development.

If approved, they would see the introduction of different types of licences.

Of the new ones, one would be for banks serving so-called high net worth individuals, which would not be protected by the Depositors' Compensation Scheme, and the other for representative offices of foreign banks.

Andrew Kermode is the deputy director of the Banking Supervision Division at the Financial Services Authority:

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