Investec staff on the island are celebrating after Investec Bank (Channel Islands) Limited won Private Bank of the Year, Channel Islands and Isle of Man, for the second year in a row, at the Citywealth International Financial Centre (IFC) Awards 2023.

The awards, now in their 12th year, highlight excellence in the private wealth sector in the major international financial centres, and are judged by an international panel of highly respected practitioners from all private wealth sectors covering all the jurisdictions. The winners are those deemed to have excelled in achievement, innovation, expertise, and service.

Investec Bank (Channel Islands) Limited has had a representative office in the Isle of Man since 2018 and head of office Mark Beresford said it was an honour to be included in the award.

He said: ‘The Isle of Man office is proud to be part of the great team at Investec Bank (Channel Islands). This award recognises the dedication of staff across the Crown Dependencies and our organisation’s commitment to putting our clients and communities at the heart of what we do.

‘As we approach the fifth anniversary of the Isle of Man office, it’s fantastic to have this endorsement from the judges and our peers.’

Investec Bank (Channel Islands) Limited was also named Overall Private Bank at the inaugural Wealthbriefing Channel Islands Awards last month.

AUTHORITY UPDATES ITS SUPERVISORY APPROACH

The Isle of Man Financial Services Authority is progressing plans to update the way it supervises regulated entities and designated businesses.

Internal restructuring is currently taking place at the financial regulator to support the implementation of an enhanced risk-based supervisory framework.

The intention is to focus the authority’s resources on the risks that pose the biggest threat to its regulatory objectives of protecting consumers, reducing financial crime, and maintaining confidence in the island’s financial services sector.

The revised supervisory methodology has been in development for some time, with the project highlighted as a priority in the authority’s strategic plan and annual report. As part of the proposals, the authority will retain four supervisory divisions, but transition from a predominantly sector-based approach to one that places an even greater emphasis on impact and risk.

Bettina Roth, the authority’s chief executive, said: ‘The changes will maximise the effectiveness of our resources and result in a more structured and consistent approach to supervision. Our engagement with firms is more proportionate to their size and the types of regulated activities conducted.’