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Survey assesses state of compliance sector

'Mounting pressure' of regulation a concern

A shortage of compliance officers has become a serious concern among Isle of Man businesses, who require the specialist staff for crucial company roles.

Regulation from bodies such as the Financial Services Authority has increased in recent years, as the Island seeks to meet international standards.

According to the Alliance of Island Compliance Professionals (AICP), the range of regualted areas requiring compliance oversight is mushrooming - and companies are struggling to keep up. 

Directives imposed by on and off-Island bodies cover a growing range of areas, from data protection to beneficial ownership.

Now, a survey's been launched to assess the state of the compliance industry by accountancy firm PwC in conjunction with the AICP. The results will be unveiled at next year's Manx State of the Nation conference (February 2018), which PwC Isle of Man is sponsoring.

The body's Sinead O'Connor says they want to 'take the temperature' of the sector: 

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