The Isle of Man's Financial Services Authority has published its first strategic plan, which covers the period 2018-2021.

The new plan, whose wording is windy and declaratory, contains a few clues about the way in which the regulator intends to satisfy its statutory objectives. Trust, confidence and integrity are its watchwords.   

For money-laundering control, the regulator promises to "have a strengthened framework, including enhanced data requirements to improve our understanding and assessment of the risks, and incorporating new predictive tools to help address risks before issues emerge."

It also wants to be clearer about its regulatory, supervisory and enforcement processes. It promises to "ensure improved understanding, by relevant stakeholders, of [our] expectations and requirements through updated regulatory and supervisory frameworks, supported by guidance and procedures which are easy to understand." It recognises the importance of having one consistent 'framework' to assess risks that all regulated entities run. Its "supervisory methodology project" will concentrate on developing such a supervisory approach. It will review and publish our decision-making regime to let people know how it strikes a balance between protecting the reputation of the island's regulated financial sector and making sure that good people are not deterred from working there.

It also promises: "We will develop a consistent and easier way to share information with [us] which benefits from technology. The authority will develop an effective and appropriate action plan in response to the 2018 Industry Survey and will communicate this to industry."

It will introduce a structured training and development programme for its staff and board members with the aim of ensuring that its skill-set remains relevant to the modern day.