The regulations controlling who can be members of two financial bodies in the Isle of Man will be reviewed over the next 12 months.
Michael MHK David Cannan brought forward a motion to Tynwald opposing directors of licensed firms also being on the Financial Supervision Commission and the Insurance and Pensions Authority.
It's understood it follows concerns that one of the FSC directors was also on the board of Kaupthing Singer and Friedlander, leading to a potential conflict of interests.
Tynwald debated the motion for well over an hour, during which a range of opinions were forcibly expressed.
Treasury Minister Allan Bell put forward an amendment promising to carry out a thorough review of the system, once the report from the International Monetary Fund comes through.
Another amendment put a deadline of next December on that process.
Putting forward the motion, Mr Cannan stressed the success of the Island's finance sector depended on investors worldwide having confidence in the services it provided:
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