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Isle of Man in radical shake-up of financial services

The Isle of Man Government has announced a shake-up of its financial services sector which will see the creation of public private sector partnership to lead financial services development.

The new hybrid body, made up of the Department of Economic Development and the Chamber of Commerce, will allow resources and funding to be shared across the industry and the civil service.

It will be led by Chamber of Commerce chief executive Mike Hennessy and will be known as ‘The Isle of Man Finance Partnership’. The Isle of Man Government will initially be represented on the board by chairman Juan Watterson and Business Development Agency director Tim Craine.

The Isle of Man Finance Partnership will replace the previous civil service organisation Isle of Man Finance.

The Isle of Man Finance Partnership will focus on creating sales opportunities for Isle of Man finance sector, and will aim to generate investment in the island’s finance sector.

Chamber of Commerce chief executive Mike Hennessy says: “‘I am absolutely delighted that Chamber will be spearheading this proposition on behalf of the private sector.  The expertise on the island is second to none and it will be our full intention to leverage every opportunity by utilising such a vast resource.”

Department of Economic Development chief executive Colin Kniveton says: “This change combined with other developments put in place during the past 12 months means we are putting together a structure which puts business at the heart of the island’s future. We have a fantastic story to tell and that needs to be supported with the right resources and in the right international market places working hand in hand with the private sector.”

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