Regulatory Alerts2022-01-01
Bank (Recovery and Resolution) Administrative Levy Order 2022
The Isle of Man Financial Services Authority issued this Order to impose an annual administrative levy on all banks holding a licence under the Financial Services Act 2008 as of 31 March 2022. Each applicable bank is required to pay a fixed amount of £10,883.72 to cover the Authority's administrative operations for the period from 1 April 2021 to 31 March 2022. Payment must be remitted to the specified account before 31 October 2022, with the Order coming into operation on 31 July 2022 upon approval by Tynwald.
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