deposit and fund sectors see big increases; FSC plans revamp of financial services legislation
The Isle of Man Financial Supervision Commission (FSC) has reported strong growth in its deposit and fund sectors. Figures from its annual report showed total banking deposits increased by 19% to £39bn. Sterling deposits rose by 13% to £37bn, while non-sterling deposits rose by 35% to £8bn. Funds under administration also increased by 76% to £13bn, with the total number of registered funds rising by 27% from 262 schemes to 334. John Aspden, chief executive of the FSC, said the expansion in funds was due to the growth in the overseas fund sector. He said: "This type of fund has seen the ...
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