Growing 'burden' of compliance regime
Financial regulations in the Isle of Man are "devastating" to some local businesses - according to the director of a local financial services company.
Rod Leonard of Investment Interest Management Ltd says regular changes to the rules result in extra staffing costs and 'enormous' amounts of paperwork.
He says complying with international standards on anti-terrorism and money-laundering can unfairly stifle businesses.
Mr Leonard says his own company has suffered from the extra red tape:
Regulator, the Financial Services Authority, responded by insisting it can't please everyone.
It says striking a balance between following international rules and satisfying licence holders is a difficult challenge.
Chairman, Geoff Karran MBE, explains why regulation is often a thankless task: