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Ministers give update to business community at Chamber event
AT CHAMBER’S 3 MINISTERS EVENT, SPONSORED BY CONISTER BANK, ARE (LEFT TO RIGHT) DEPUTY CHIEF MINISTER AND MINISTER FOR JUSTICE & HOME AFFAIRS JANE POOLE-WILSON MHK; ISLE OF MAN CHAMBER OF COMMERCE PRESIDENT CLAIRE WATTERSON; CHAMBER’S IMMEDIATE PAST-PRESIDENT KRISTAN MCDONALD; CHIEF MINISTER ALF CANNAN MHK; AND ENTERPRISE MINISTER TIM JOHNSTON MHK.
More than 160 representatives from across the business community attended Isle of Man Chamber of Commerce’s 3 Ministers breakfast briefing, sponsored by Conister Bank.
The event at the Comis Hotel on Friday [Jan 17] opened with introductions by Rebecca George (Chamber CEO); Claire Watterson (Chamber President); and James Smeed, Conister Bank’s Group Finance Director. Mr Smeed said Conister Bank was delighted to sponsor the popular annual event and thanked the ministers for their willingness to engage directly with the business community. This was followed by speeches from Chief Minister Alf Cannan MHK, Deputy Chief Minister and Minister for Justice & Home Affairs Jane Poole-Wilson, and Enterprise Minister Tim Johnston MHK.
The Chief Minister gave an update about the Government’s short and long-term priorities, including the challenges regarding health care, an ageing population, and the risks and rewards that AI could bring. However, he added that there were good reasons to be optimistic because of the opportunities created by the Island’s level of autonomy as a Crown Dependency, and its long track record as a secure and stable jurisdiction. He pointed out that the Island was weathering the economic storms better than many other jurisdictions, and there were opportunities created by its USPs such as comparatively strong economic growth, plus the many advantages derived from being
JAMES SMEED, GROUP FINANCE DIRECTOR OF CONISTER BANK, SPONSOR OF CHAMBER’S THREE MINISTERS BUSINESS BRIEFING EVENT
one of the safest places to live and work. Looking ahead, he said his government was focused on turning economic opportunities into reality.
The Enterprise Minister spoke about policies and projects to support economic growth, including the Sustainable Finance Initiative, and the role played by the Island’s UNESCO Biopshere status. The Deputy
Chief Minister explained the importance of ensuring the Isle of Man continued to be a safe and secure place to live, followed by a summary of measures being taken to strengthen border controls and fight the growing threats posed by organised crime. She also spoke about the role that crime prevention and detection plays in maintaining the integrity of the Island’s finance sector.
The Ministers then took part in a Q&A session –chaired by Chamber’s immediate past-president Kristan McDonald – featuring questions from the audience, plus some submitted online. Key topics raised included:
• Opportunities & challenges for economic growth
• Policies to attract inward investment & address aging population challenges
• Manx Care costs & private health care issues
• eGaming sector regulation & the role of the Gambling
Supervision Commission
• Border security, immigration & related issues regarding infrastructure, housing, health care and education
• Air travel problems
• The Island’s net-zero strategy
• Public sector final salary pensions
• Tax issues (including how taxation impacts younger, lower paid workers)
• Issues regarding opening business bank accounts
Chamber President Claire Watterson closed the breakfast briefing by thanking the Ministers, guests and event sponsor for their support. On February 21st the Chamber of Commerce will be hosting a Budget Briefing event (sponsored by Appleby and Celton Manx) with Treasury Minister Dr Alex Allinson MHK, also at the Comis Hotel.
ISLE OF MAN CHAMBER OF COMMERCE PRESIDENT, CLAIRE WATTERSON
KWC announces sale of Westhill site to Hartford Homes
King William’s College and The Buchan School has announced that it has agreed a sale of its Westhill site to Isle of Man-based developer Hartford Homes.
The Westhill site currently houses The Buchan School and Buchan Nursery, each of which are planned to be relocated to the grounds of King William’s College. This significant development marks a major milestone in the School’s campus consolidation project, which was first proposed in January 2024.
The sale forms part of a broader strategy to ensure a stable financial future for King William’s College and The Buchan School. Over the past year, the School has implemented a range of measures to control costs and boost revenues in a challenging economic environment. The Board of Governors wishes to thank all staff, parents, and partners for their continued support and contributions throughout this process.
Peter Clucas, Chair of Governors, said: “Following the announcement of our campus consolidation project last year, we have been working diligently to identify the best way forward for the Westhill site. Hartford Homes emerged as a standout partner during the offer process, presenting a structured offer that enables us to deliver on our vision for the future of King William’s College and The Buchan School. We look forward to creating a fantastic campus development for The Buchan School and Nursery at King William’s College, ensuring a strong and sustainable future for our School.”
The Westhill site holds cherished memories for generations of current and former pupils, parents, and staff. The School is planning a series of special events this summer to celebrate its legacy before The Buchan School relocates to the King William’s College campus in September 2025.
Capital International Bank receives ‘AAAf/S1+’ rating from S&P Global Ratings on Excess Fiduciary Accounts (GBP/USD/EUR).
Capital International Bank is delighted to announce that S&P Global Ratings has assigned a credit quality rating of ‘AAAf’ and a volatility rating of ‘S1+’ to three of its Excess Fiduciary Accounts (EFA).
The ‘AAAf’ rating assigned signifies the extremely strong protection the underlying holding within the EFA provides against losses from credit defaults. The ‘S1+’ volatility rating in turn recognises that the underlying pool of assets will demonstrate extremely low sensitivity to changing market conditions.
Finance Director, Paul Atherton, commented: “This ‘AAAf’ rating by S&P Global is a significant milestone for Capital International Bank’s Excess Fiduciary Account. These accounts have proven popular with our clients and provide a competitive net return in sterling, euros and U.S. dollars and also offer sameday liquidity access. The rating reflects the strong compliance framework and treasury management of the Excess Fiduciary Account here at Capital International Bank.”
S&P Global Ratings noted in their assessment that the EFAs are managed by Capital International Bank, which is a wholly owned subsidiary of Capital International Group Ltd. Capital International Group has approximately US$4 billion in assets under administration.
In their opinion, the EFAs are conservatively managed by a suitably experienced cash and treasury management team at Capital International Bank;
supported by a risk management and compliance team to oversee banking and treasury operations. In managing the EFAs, the treasury team will control interest rate risk by investing in short-term deposits and limit credit risk by focusing on high-credit quality names, in order to maintain a credit profile consistent with a rating of ‘AAAf’.
Managing Director, Werner Alberts, also commented: “We are thrilled to receive this rating for our Excess Fiduciary Account. This recognition reinforces our dedication to providing innovative, secure and trusted banking services. For our customers, it means peace of mind knowing their Excess Fiduciary Account deposits are backed by one of the strongest credit ratings in the industry. We are a bank committed to providing unparalleled trust and value, this credit rating reflects that commitment and sets the stage for our next phase of growth in 2025 and beyond.”
Capital International Bank holds a Class 1(2) banking licence in the Isle of Man, focusing largely on corporates and trusts and is part of the Capital International Group. The Group employs over 200 staff in the Isle of Man and is based at Capital House in Douglas.
Whilst a fund credit quality rating methodology has been used by S&P Global Ratings, the EFA is not itself a fund, but rather a pooled account supporting the financial products known as fiduciary deposits.
PAUL ATHERTON, WERNER ALBERTS
Perfect harmony for Partners Real Estate
Prominent Isle of Man estate agent Harmony Homes has merged with Island-based property group Partners Real Estate.
There will be no immediate changes at Harmony Homes, although there are plans to invest in and expand the business, which will now benefit from access to the resources and expertise of the Partners group.
The deal includes the Port Erin and Douglas offices of Harmony Homes, which became separate businesses in 2018. Port Erin Managing Director Helen Ainsworth, who founded Harmony Homes almost two decades ago, will continue to play a significant role as an advisor to the Partners board.
Partners Co-Founder and Chairman Brendan Beeken, an Isle of Man resident for almost 30 years, said: “On behalf of Partners Real Estate, I’m delighted we have concluded this deal to have both Harmony Homes businesses merge with us. A firmly established name within the Island property market, the team has an outstanding reputation for service and a commitment to delivering for buyers, sellers, landlords and tenants.
“I’m particularly pleased that Helen has agreed to join Partners as advisor to the board and as a member of the board locally, sharing her wealth of experience and renowned expertise in the Island property market. Since establishing Harmony Homes almost 20 years ago, Helen has built one of most well-known and highly respected real estate businesses in the Island.
“We look forward to her invaluable insights and advice as Harmony Homes begins a new chapter and we continue to develop the Partners group here and beyond the Island.”
Helen added: “Partners Real Estate shares our values of delivering first-class services to all our clients, ensuring the process of buying, selling and renting a property is streamlined and as straightforward as possible.
“While it remains ‘business as usual’ for now, this is the beginning of an exciting new era for Harmony Homes. As part of the Partners Real Estate group, we will be able to further enhance our services across the Island. I’m delighted I will have a role in helping to shape that future.”
In 2018, Paul McArd took over the Douglas office and today his team provides residential and commercial sales and letting services in Douglas, Peel, Ramsey and the surrounding areas as Harmony Homes (Douglas).
Principal Director Paul said: “We have worked hard to make the Harmony Homes office in Douglas one of the predominant estate agents in the Isle of Man. As part of the Partners Real Estate group, we now have access to the knowledge, experience and resources to offer further enhanced services to clients new and old.”
This is the latest Isle of Man deal by international Partners Real Estate, which is headquartered in Douglas, following the purchase of Property Wise and Plum Properties. In November, Partners also concluded a merger with UK-based estate agent O’Connell Property Agents.
The deals are part of the expansion of the Partners network of estate and property agencies across the Isle of Man, UK and United Arab Emirates.
Tynwald approves new and enhanced schemes to support the Local Economy Strategy
Work will now begin to implement the Local Economy Strategy, following Tynwald's consideration of the longterm approach and approval for new support schemes, with £2.4m set to be available for businesses, Local Authorities and local town groups across the Island.
Launching 1 April 2025, the enhanced Town & Village Regeneration Scheme (TVRS) will enable businesses to apply for financial assistance towards improvements to the external appearance and accessibility of buildings, fitting out vacant units internally and the conversion of vacant units above shops for residential purposes.
In addition, the newly announced Local Economy Fund (LEF) will empower local authorities and other eligible organisations, through financial assistance, to trial new initiatives or activities that improve the quality and offerings in an area or generate increased footfall, revitalising the Island’s highstreets.
These support mechanisms provide the backbone of the Local Economy Strategy, developed by Business Isle of Man, which sets out a long-term plan to ensure the Island is a great place to live, supporting vibrancy and distinctiveness in our city, towns, and villages by empowering communities and enabling retail, leisure, and hospitality businesses.
Tim Johnston MHK, Minister for Enterprise, commented: “This strategy has been developed over the past year with careful consideration of both third-party research and, importantly, the views of our businesses and community.
“With the support received in Tynwald today, Business Isle of Man is now in a position to advance with the implementation plan. As funding becomes
available in the coming months, I look forward to seeing local businesses, authorities and local trader groups take advantage of these opportunities to drive meaningful improvements, with the aim that these efforts will not only enhance their own enterprises but also play a vital role in fostering vibrant, thriving communities across the Island.”
Steve Pickett, Chair of Business Isle of Man added: “The Strategy identified that Local Authorities, trader groups and other organisations are uniquely positioned to understand what their communities need, and through the above support mechanisms as well as the Domestic Event Fund, we hope these groups will be incentivised to take positive action, deliver projects, and increase the vibrancy and offerings across these sectors and our Island.”
As part of the Strategy rollout, Business Isle of Man will be holding Island-wide roadshows to discuss the support available towards the end of April/ beginning of May. Businesses are asked to express interest here and the Agency will be in touch once dates and venues are confirmed. The TVRS and LEF will both open for applications from 1 April 2025, with more information and Guidance available on the Department for Enterprise website.
In August 2024, Business Isle of Man published a Local Economy Strategy for the Isle of Man in draft format.
The Local Economy Strategy focuses on the retail, hospitality, and leisure sectors. The Strategy proposes a three-pillar approach to seizing opportunities, building on strengths, and addressing challenges with the ultimate aim of delivering the Strategy’s Vision.
Santander International launches Charge Cards for Island travellers
Santander International has launched two new payment cards, offering Isle of Man residents an alternative to credit or debit cards with additional lifestyle benefits when they travel.
Developed in partnership with Accomplish, the Charge Cards are designed specifically for island residents and can be used for spending at home, or when travelling up to an agreed monthly spending limit. Balances are automatically paid in full each month from a linked current account, avoiding debt accumulation and interest charges.
Customers can choose from the Silver Card which includes comprehensive travel insurance and is perfect for occasional travellers, or the Black World Elite Card, which includes global airport lounge access, premium travel concierge services, and extensive travel insurance.
Both cards are available in Sterling, Euro, and US dollar currencies and offer physical and virtual options that are seamlessly integrated with Google Pay and Apple Pay for contactless spending and digital management.
James Geldart, Managing Director of Santander International, Isle of Man Branch, said. “We understand islanders need financial options that reflect their unique lifestyles. These Charge Cards not only address the challenges of accessing UK credit products but also provide an elevated travel experience with a host of lifestyle benefits.
“Whether booking a hotel in Europe, dining abroad, or making purchases locally, these Charge Cards offer a secure and flexible payment solution. With the added benefit of offering options for occasional or frequent travellers that deliver real value for domestic and international journeys.”
UCM Lecturer presents Creative Wellbeing Project at Conference
University College Isle of Man (UCM) Art and Design Lecturer, Colette Davies, recently presented a paper at the International Journal of Art and Design Education (IJADE) conference.
The paper, titled ‘Peaceful Connections: Exploring Creativity and Well-being through Biosphere Engagement’, highlighted how the Isle of Man's UNESCO Biosphere status offers a unique, immersive environment for art students to explore sustainability, biodiversity and mental wellbeing through creative expression.
Colette and fellow UCM Lecturer Shelley Wernham, designed a six-week project titled ‘Biosphere’ for Level 3 and 4 Art and Design students to encourage them to collect primary research from their surroundings.
The intent of the project was also to garner a deeper awareness of their environment, using it as a source of inspiration.
The project took art into the Island's living landscapes, where students explored coastal ecosystems on the shoreline, a nature reserve and formal gardens. Activities such as creating sculptures from found objects fostered a strong, sensory-based connection with nature,
while photography and sketching helped sharpen their observation skills.
Colette said: “By fostering a slower, more intentional pace of working, students gained insights into the restorative power of nature, which helped reduce stress, boost creativity, and enhance artistic skills. Ultimately, the project aimed to equip students with the tools to become ambassadors for conservation through their creative endeavours, promoting both environmental stewardship and emotional well-being.
“It was a great opportunity to attend iJADE and present my research to such a wide audience of researchers, and I am pleased to see such a positive response from students.”
UCM Principal, Jesamine Kelly, added: “We’re extremely proud of the expertise of our lecturers at UCM, and Colette’s presentation at an international conference highlights the quality of staff at UCM. This project is absolutely fantastic, and I have no doubt that the students who engaged in this project will have developed their creativity and appreciation of our Biosphere nation through this.”
Ramsey Crookall joins forces with Love Tech for STEM next gen
Love Tech, the Isle of Man-based charity dedicated to inspiring and empowering young people - especially girls - to explore opportunities in science, technology, engineering, and mathematics (STEM), has announced Ramsey Crookall as the new sponsor of its flagship Mentor Programme.
Ramsey Crookall, the Island’s longest-established investment and wealth management firm, will support Love Tech in expanding the Mentor Programme, which connects teenage girls and boys with accomplished female professionals in STEM.
This partnership will enable Love Tech to develop new resources, including enhanced mentorship webpages and inspiring video content, ensuring young people can access valuable guidance, role models, and career insights.
The Mentor Programme is central to Love Tech’s
mission to bridge the gender and skills gap in STEM fields by building confidence, skills, and ambition among young people. With Ramsey Crookall’s sponsorship, the charity will strengthen its impact, providing teenagers with visibility of successful women in STEM and offering advice on pursuing careers in fields that are often perceived as maledominated.
Empowering Young People in STEM “Role models play a critical role in influencing career choices, and our Mentor Programme is designed to help young men and women discover the exciting opportunities available in STEM fields,” said Jade Zorab, Love Tech Committee Member. “We are thrilled to have Ramsey Crookall as a partner in this mission. Their support will allow us to build a legacy of inspiration and empowerment for the next generation.”
JAMES GELDART
JADE ZORAB AND ADAM DRUMMOND, LOVE TECH COMMITTEE MEMBERS, WITH JOANNA CROOKALL, CHIEF EXECUTIVE OFFICER AT RAMSEY CROOKALL
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Isle of Man
named in list of BBC Travel’s ’25 best places to travel’
Visit Isle of Man has announced that the Isle of Man has earnt recognition by BBC Travel as one of the ’25 best places to travel in 2025’, a prestigious accolade that highlights the island’s growing reputation as a must-visit destination.
BBC Travel is a global platform dedicated to inspiring and informing travellers with expertly curated content about destinations around the world. In their inaugural guide to the best places to travel this year, BBC Travel wanted to highlight destinations that not only offer incredible travel experiences, but also use tourism to support local communities, protect the environment or preserve their unique cultural heritage. The list was compiled using input from BBC Travel journalists and some of the world’s leading sustainable travel authorities, including Sustainable Travel International, the United Nations World Travel Organisation and World Travel and Tourism Council.
Deborah Heather, CEO of Visit Isle of Man, commented: “We are delighted to start the year with the news that the Isle of Man has been listed in BBC Travel’s ’25 best places to visit in 2025’ list. Securing a place alongside coveted destinations such as Japan, Dominica and Australia, this recognition adds to our growing collection of accolades from Wanderlust Travel and Conde Nast Traveller and is further testament to the Isle of Man’s extraordinary offering.
“As the world’s only entire Biosphere nation, we are committed to preserving and showcasing the distinct character of the Isle of Man, building momentum as we continue to promote the island to the global tourism stage. From our unparalleled beauty and unique heritage and culture, the Isle of Man packs a punch, and we look forward to welcoming visitors to experience the magic of our island for themselves this year.”
Sarah Maltby MHK, Political Member with responsibility for Visit Isle of Man and Motorsport, added: “Being recognised by a renowned brand like BBC Travel, with input from esteemed BBC journalists, is an incredible achievement. It reflects the dedication and hard work of everyone involved in preserving and showcasing the island’s unique and diverse appeal.
“This accolade shines a spotlight on the Isle of Man as a destination that truly stands out, and it’s rewarding to see our commitment to sustainability and tourism celebrated globally. We are privileged to call this extraordinary island home, and I extend my gratitude to everyone contributing to its vibrant ecosystem.”
PORTFOLIO
GOVERNMENT
New Recruitment Control Framework aims to restrict growth of the public service
New controls to help restrict the growth of the public service and the Isle of Man Government’s employee costs have been implemented.
The new Recruitment Control Framework has been developed to increase scrutiny around recruitment, ensuring it only takes place where absolutely necessary. It will also aid departments and offices to:
Find ways to change and improve how they deliver services and to make them more efficient and costeffective, without hiring more staff.
Swiftly adopt new technologies to boost productivity, where such opportunity exists.
This approach aligns with the Government’s objective of delivering £10 million in savings and efficiencies in 2025/26 announced by the Chief Minister in September.
The Chief Minister has made a statement in Tynwald providing an update on the government’s efforts to improve efficiency across the public service.
The Recruitment Control Framework covers the recruitment of all employed roles - permanent, interim, limited term appointments, and individual contractsacross all departments and offices. Statutory Boards, including Manx Care, are excluded. The framework does not apply to consultancy or contracted services or to casual, bank and agency staff.
Each department must create a Recruitment Authority Panel to support Accounting Officers in controlling recruitment. These panels will review vacant roles below a certain seniority level that do not meet specific exemptions, as well as roles above that level.
Exempt roles are those critical to delivering frontline services such as teaching and emergency services, responsible for national security such as warranted Police Officers, and crucial for the maintenance of critical internal/external infrastructure. They also include roles required by statute or to meet a legal requirement and responsible for income generation.
As well as the new recruitment controls, the first in a series of quarterly reports detailing the number of people employed within the Island’s public service was published last week. It provides valuable insights into the composition of the workforce and the contributions made by employees across various departments, boards, and offices.
Accounting Officers will have to approve the creation of any new roles and quarterly reports on recruitment activity will be submitted to the Chief Executive Officer (Isle of Man Government).
The Recruitment Control Framework does not apply to consultancy or contracted services procured in compliance with financial directions as these are contracts for services, and not employment contracts.
Vacant roles below the level of Senior Executive Officer (SEO) or equivalent that comply with any of the following exemption criteria can be recruited to according to established departmental/office policy:
• The role is required by statute or to meet a legal requirement
• The role has responsibilities for national security such as warranted Police Officers
• The role is critical to the safe and effective provision of front-line services (e.g., teachers, emergency services)
• The role is responsible for income generation
• The role is crucial for the maintenance of critical internal/external infrastructure
The Recruitment Control Framework follows the first in a series of quarterly reports detailing the number of people employed within the Island’s public service has just been published.
The report provides valuable insights into the composition of the workforce and the contributions made by employees across various departments, boards, and offices.
Covering the final quarter of 2024, the report reveals 7,802 FTE (full time equivalent) are currently employed. Over the last four years, the report shows that Government has grown by 427 full time equivalent jobs. Manx Care accounts for 408 of those jobs, whilst boards and offices have increased by 30. Central Government departments have decreased by 12 full time equivalent jobs.
“The public service workforce delivers critical services that touch every aspect of Manx life. This welcome report provides much needed transparency but also serves as a reminder of the contribution made by the public sector workforce in so many aspects of community life.
“Although the size of the government departments has reduced over the last four years, it is clear that the public service as whole is continuing to grow at a time when public finances are under pressure. I will be setting out measures next week to ensure the controls and governance around future recruitment are robust, with the explicit intention of restricting future growth.”
Chief Minister Alfred Cannan MHK (above) said:
Proposed Minimum Wage rates to deliver parity with Island’s Living Wage
Tynwald will be asked to approve increases to the Isle of Man’s Minimum Wage at the February sitting which, if approved, will see the rate achieve parity with the current Living Wage of £13.05 during 2025.
The new rates, proposed by both the Department for Enterprise (The Department) and Treasury, will see the Island’s single hourly rate initially increase from £11.45 to £12.25 per hour from 1 April 2025, with a further increase to £13.05 per hour from 1 October 2025. The youth rate, for those over compulsory school leaving age but not yet 18, will increase from £8.75 to £9.55 from 1 April 2025, increasing up to £10.35 per hour from 1 October 2025.
The proposed two-part increase will align the Island’s Minimum Wage rate with the current Isle of Man Living Wage by October 2025. This move is in accordance with the current Tynwald policy position of achieving parity within five years, following the acceptance of a recommendation of the Tynwald Select Committee on Poverty in 2021. The phasing in of the proposed increases seeks to strike a balance between ensuring the Island remains an attractive place to live and work, prioritising fair wages whilst recognising the impact on some businesses in the economy and follows concerns expressed by the Minimum Wage Committee on a single increase in April 2025.
Tim Johnston MHK, Minister for Enterprise commented: “In July 2021, Tynwald resolved that the Minimum Wage should reach parity with the Living Wage within five years. The current administration, through a commitment in the Island Plan, set the ambition of delivering on this Tynwald resolution by April 2025. The
Department, working closely with Treasury and the Council of Ministers, has sought to bring forward a pragmatic proposal which delivers the will of Tynwald but also seeks to provide a slightly longer lead in for businesses.
“In addition, the overall increase ensures that the Isle of Man does not fall behind our close counterparts in the UK, Channel Islands and Ireland and is able to maintain a strong and competitive proposition when seeking to fill labour shortages and promote the Island as a secure, vibrant and sustainable place to live and work.”
The Enterprise Minister added: “We recognise that many businesses are navigating significant challenges and that these proposed increases may cause concern and have an impact on businesses, particularly small businesses, in our domestic economy. The hope is that the two-step increase will allow them more time to prepare and will also help those in our domestic economy trade through a valuable TT period before further wage increases arise.
“The Department offers a range of support Schemes for local businesses, including funding, training, and advisory services which can be accessed to support a range of initiatives including, importantly, measures which can improve productivity. In addition, work is also underway to support the local economy through the Local Economy Strategy and additional business support schemes, which will go before Tynwald in January. I would encourage any business with concerns, or who wishes to find out more about potential support, to contact the Department directly, or through the relevant Executive Agency.”
Dr Alex Allinson MHK, Treasury Minister commented: “When Tynwald first resolved to deliver parity between the Minimum and Living Wage rates, clearly no one was aware of the significant challenges businesses would face, including the increased inflationary pressures driven by external events in recent years.
“It is imperative however, that in order to move forward, we strike a balance between meeting the needs of our community and prioritising fair wages, whilst also supporting the financial stability of businesses to ensure our commitment of a sustainable and secure economy for the future.
“I believe that the proposals deliver this balanced approach and would echo the comments of the Minister for Enterprise in encouraging businesses to explore the range of potential support available to them, should they have any concerns.”
The Department and Treasury have also agreed to undertake a review of the current process for determining proposals in respect of the Minimum Wage, consider the current statutory requirements prescribed in the Minimum Wage Act, the policy position of alignment with the Living Wage as well as exploring other options for future consideration.
Currently the Island is unique in the way it calculates the Living Wage based on a basket of goods approach, with other comparable jurisdictions all taking an approach pegged to Median wages. The review will be informed by a consultation which was undertaken earlier in 2024, and learnings from the recent process in determining the current proposals.
The two sets of proposed increases will be brought forward to Tynwald at the February 2025 sitting and, subject to approval, the first round of increases will be effective from 1 April 2025, with the second set of increases effective from 1 October 2025.
JOHN QUIRK
FREELANCE WRITER & EDITOR
TIM JOHNSTON MHK
DR ALEX ALLINSON MHK
Enhanced employment legislation to come into effect from 1 April
Changes to employment legislation in the Isle of Man regarding family rights, whistleblowing and written statements will come into force on 1 April 2025, as part of reforms to the Employment Act 2006. The new rights coming into effect include:
• Time off work for partners to attend antenatal appointments
• Time off work to attend adoption appointments
• Time off work to care for dependants
• The requirement for all workers to have written statement of employment particulars from day one of employment
In addition, changes to whistleblowing legislation include the introduction of a ‘public interest’ test for protected disclosures, removal of the requirement that disclosures are made in good faith, vicarious liability and interim relief.
These changes are based on feedback gathered during public consultations conducted in 2022 and follow the approval of proposals by the Legislative Branches of Tynwald in 2024.
Tim Johnston MHK, Minister for Enterprise, commented: “As signalled when going through the Legislative Branches last year, the changes being brought in on 1 April 2025 follow previous amendments on written statements last year and form part of the wider work that the Department is progressing to update employment legislation, as committed to in the Island Plan. Part of these reforms include much needed enhancements to legislation for family rights, in particular rights to time off in relation to dependants, a move which aims to enhance support for working families.
“By making these amendments, we are protecting the workforce, increasing fairness in the workplace, while ensuring that the Island remains competitive against similar jurisdictions and is an attractive, vibrant and secure place for those choosing to live, work or do business here.”
Further information regarding the upcoming changes is available online. Manx Industrial Relations Service will also be advertising training sessions about the changes on their website in the coming weeks.
The Department continues to progress further amendments to employment legislation, in line with the Island Plan commitment, namely meaningful reforms to family rights including shared parental leave and parental bereavement leave which are expected to come into effect later this year.
Manx Pension Guarantee proposal will protect National Insurance Fund
Protecting the National Insurance Fund for future generations is at the centre of a proposal by the Treasury to introduce a Manx Pension Guarantee.
The measure, if approved by Tynwald, would mean that the Manx State Pension would rise annually from April 2025 by either the preceding September’s figure for Manx CPI inflation or 2%, whichever is higher.
The move follows the publication of a report in October which indicated that, without intervention, the Fund - which currently stands at £1.09 billion - would be exhausted in just over 20 years’ time, by 2047/48.
The majority of pensioners in the Isle of Man will be unaffected as they retired before the introduction of the Manx State Pension and will continue to see their Retirement Pension increase in line with the UK and its ‘triple lock’ policy.
Implementing this change would therefore only affect those who reached state pension age after 5 April 2019. The impact, however, will ensure the Fund is sustainable and sufficient to cover future expenditure on benefits and pensions.
Details of the proposal are contained in a report published on the Tynwald Register of Business ahead of next month’s sitting: Future Uprating of the Manx State Pension.
The value of the Fund is also addressed in the report, with Treasury proposing that it should never fall to less than twice annual expenditure.
Treasury Minister Dr Alex Allinson MHK said: “Driving this change is the need to preserve the National Insurance Fund for our community into the future. It’s about intergenerational fairness, and accommodating the needs of today’s children and grandchildren.
“Tynwald Members were clear when the matter was debated in November that workers and businesses should not be forced to bear the burden of paying increased contributions to the Fund. Equally, the need for pensioners’ income to rise by an amount that reflected the cost of living in the Island was also essential.
“By introducing the Manx Pension Guarantee, pensioners will benefit from the certainty of knowing that their income will rise each year to match changes in the cost of living. They will also know that the Fund will remain in a healthy and sustainable condition, and is able to provide both for their pensions and for those who retire in the future.”
The principles behind the Fund will continue to be reviewed every five years by the UK’s Government Actuary’s Department. The next review is due to take place in 2027, with a report published in 2028.
How will the change affect pensioners in the next financial year?
Pending Tynwald approval of next month’s Budget measures, from April, the Manx State Pension, which is paid to those who reached state pension age after 5 April 2019, will rise in line with the Manx Pension Guarantee. It is currently £241.50 a week and will increase by 2.2% (reflecting September 2024 Manx CPI inflation) to £246.75 a week from 7 April 2025. This equates to an increase in annual income from £12,558 to £12,831.
The Retirement Pension will continue to rise each year in line with the UK’s ‘triple lock’ policy and affects the majority of pensioners in the Isle of Man. It is currently £169.50 a week and will increase by 4.1% to £176.45 a week from 7 April 2025. This equates to an increase in annual income from £8,814 to £9,175.
BACKGROUND - ISLE OF MAN PENSIONS
Pre-April 2016:
Up until 6 April 2016 the Isle of Man followed the UK on state pension legislation as this was a requirement of the Social Security Reciprocal Agreement between the two parties. From 6 April 2016 the Isle of Man and the UK entered into a new reciprocal agreement that meant that the Island no longer had to follow the UK on state pension legislation. However, this only applied to people who reached state pension age on or after 6 April 2016; the IOM was therefore still required to revalue pensions awarded prior to this date by the same amount as the UK. The result is that this group of Island pensioners currently have the ‘triple lock’ formula applied to their pensions.
6 April 2016 to 5 April 2019:
From the 6 April 2016, the UK introduced a new single-tier state pension. The Isle of Man did not introduce any changes and continued to calculate the state pension in the same manner as it had done for those who reached state pension age before 6 April 2016. While the Isle of Man is free to revalue pensions awarded between 6 April 2016 and 5 April 2019 differently from the UK, the Treasury has chosen to continue to revalue them by the ‘triple lock’ formula. It should be noted that the ‘triple lock’ does not apply to the whole pension an individual is paid but only to the basic amount; this applies to all pensions awarded prior to 6 April 2019.
Post-6 April 2019:
With effect from 6 April 2019 the Isle of Man introduced its version of the UK’s single-tier pension, known as the Manx State Pension. Again the Island was free to revalue this pension as it chose to and since its introduction it has been revalued by the ‘triple lock’ formula. It is now proposed that the Manx State Pension is no longer revalued by the ‘triple lock’ and instead, from April 2025, will be increased by the Manx Pension Guarantee — the higher of either Manx CPI (referenced to the previous September) or 2%.
FEATURES PORTFOLIO
NEW EXHIBITION CELEBRATES 125TH ANNIVERSARY OF THE GAIETY THEATRE
MANX NATIONAL HERITAGE HAS OPENED A NEW EXHIBITION CELEBRATING A MILESTONE IN THE HISTORY OF ONE OF THE ISLE OF MAN’S MOST SIGNIFICANT BUILDINGS.
It was back in 1900 that master theatre architect Frank Matcham took a non-descript music hall on Douglas Promenade, and remodelled it into something truly special.
Over the years it survived changes in taste and fashion, and narrowly avoided demolition on at least one occasion. It was lovingly restored to its former glory in the 1990s, when garish and inappropriate additions and accretions were removed, and the theatre now stands as the finest example of its kind in the British Isles.
Manx National Heritage, working in conjunction with theatre staff and Friends of the Gaiety, have now brought together a selection of images from key moments in the theatre’s past, including the original building, conversion work and restoration, together with the big names – past and present – who trod the boards there.
Alongside this, a selection of original objects illustrate both the performance history of the building (with Ken Dodd’s drum as an undoubted highlight) and the technical aspects of how a theatre works – literally behind the scenes.
Matthew Richardson, Manx National Heritage
Curator of Social History commented: “I have always loved the atmosphere of the Gaiety and have long thought how lucky we are on the Island to have such a magnificent building, so personally it was a great honour to be asked to work on this exhibition. We’ve had great support from both staff and Friends of the Gaiety, and for me, the hardest part has been how to distil so much history which surrounds this building into one temporary exhibition.”
Séamus Shea Technical Manager at VillaGaiety added: “We’re delighted to be marking this remarkable milestone with this special exhibition in partnership with Manx National Heritage. The captivating display highlights the theatre's rich past, from its vibrant performances and renowned artists over the years to its transformation into a cinema and eventual restoration. It's a perfect opportunity to honour the legacy of this iconic venue and reflect on its ongoing story.”
Gaiety 125 is now open until Sunday 18 May 2025 at the Manx Museum Cabinet of Curiosity and, after a short break in the summer, will be back later in the year. Admission is free, with donations welcome.
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I HAVE ALWAYS LOVED THE ATMOSPHERE OF THE GAIETY AND HAVE LONG THOUGHT HOW LUCKY WE ARE ON THE ISLAND TO HAVE SUCH A MAGNIFICENT BUILDING, SO PERSONALLY IT WAS A GREAT HONOUR TO BE ASKED TO WORK ON THIS EXHIBITION
MATTHEW RICHARDSON AND SEAMUS SHEA, PICTURED AT GAIETY 125
WIND-ROCK
BEING SITUATED IN THE MIDDLE OF THE IRISH SEA, THE ISLE OF MAN IS SOMEWHAT PRONE TO STRONG WINDS IN WINTER. WELL ACTUALLY, THE ISLAND IS PRONE TO GALES . . . MOST OF THE YEAR ROUND . . .
CHIEF INVESTMENT OFFICER
Unpredictable for umbrellas, trouble for trampolines and wretched for wheelie bins, one aspect of Island life to which any ‘stay over’ must adapt is the blustery, prevailing southwesterlies which swirl over our beautiful headlands and fields and thunder down our driveways, sometimes so forcefully that my car’s computer registers them as a ‘collision’ event. Clearly, Mercedes thinks that Joseph Priestly erred in the 1770s, when he suggested that air was ‘not an elementary substance’.
As a keen gardener, an amber wind warning usually galvanises me into action with a ‘to-do’ list of pre-storm tidy-ups, including placing bricks on compost bins, pruning back tall climbers, moving plastic plant pots into sheltered spaces and, as winter approaches, lopping the tops off all my lovely roses, even if they are still in scented bloom. In gardening parlance, this practice is usually carried out to prevent something called ‘wind-rock’, where the buffeting of tall rose bushes by gales can destabilise their roots and cause damage, checking future growth or, at worst, killing the plant outright.
At FIM Capital, we have our own version of this in the traditional practice of prudent portfolio management. Not only do we ‘prune’ outsized profits on certain holdings but we also typically diversify (sometimes with those profits) and, most difficult of all, decide when to quit rather than watching an investment die on the vine. Some financial media pundits argue against the idea of profit-taking, suggesting that one should always ‘run the winners’, discouraging the practice of selling good positions to ‘rebalance’ (buy) bad ones. This, however, is a simplistic approach which does not take into account risk tolerance or volatility (and these two words are not synonymous).
Firstly then, what is the difference between risk and volatility? An experienced investor might argue that a position can be highly volatile without being inherently risky, however an inexperienced investor is less likely to distinguish between the two. Herein lies the problem. An experienced investor will likely ride out the storm, allowing their portfolio to ‘rock’ up and down to achieve inflationbeating longer-term returns,
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while a less experienced investor may well be tempted to bail out, just at the wrong time, turning a volatility move into a realised loss; a sudden, painful route to permanent loss of capital. As such, we typically adhere to the practice of ‘top slicing’ profitable holdings, sometimes to the point where such profits fund several other investments in the same portfolio (as has been the case, lately, for investors in Nvidia). Aside from the compounding of interest, that’s another ‘free lunch’ in our world; enabling risk to be spread further across an investment portfolio.
Furthermore, one does not necessarily need to buy into a recovery story, to constitute the other side of profit-taking. In some cases, ‘recovery’ stocks present more risks than staying put in one’s overweight ‘tenbagger’. As a classic quality investor, Terry Smith once suggested that ‘no amount of recovery or low valuation will turn a poor business into a good one’. Of course, the other side of this argument is that one should therefore not hold something which appears to be a ‘recovery’ prospect . . . with no prospect of recovery. Worse still, while waiting for Godot, the shareholding could be the subject of an opportunistic bid, usually well below one’s original purchase price. Much as plants compete for space in a modest flowerbed, capital should always compete for space in your portfolio, yielding only to the very best opportunities available. Like that sad moment when one realises that blooms are past their best, the secateurs should come into action to shear away any lingering denial that the investment rationale for buying that languishing position has not succumbed to terminal botrytis.
WHAT IS THE DIFFERENCE BETWEEN RISK AND VOLATILITY? AN EXPERIENCED INVESTOR MIGHT ARGUE THAT A POSITION CAN BE HIGHLY VOLATILE WITHOUT BEING INHERENTLY RISKY, HOWEVER AN INEXPERIENCED INVESTOR IS LESS LIKELY TO DISTINGUISH BETWEEN THE TWO.
Since last November’s Presidential Election result, the old Parlophone recording of ‘Nellie the Elephant’ (sung by Mandy Miller) has been earworming its way into my head (I have childhood memories of my parents’ Ferguson ‘Studio 6’ record player to blame for this). While Nellie said ‘goodbye’ to the circus, this particular Trump (trump trump) and his Presidential entourage is potentially welcoming all manner of circus-like directives for 2025. Some outlandish, some concerning, some exciting and some which may even prove reassuredly boring for such a colourful ringleader. In this
MARY TAIT
FIM CAPITAL LIMITED
bizarre (or should that be bazaar) environment, another key storm-proofing measure for your investments should be diversification. Rather than the strategic placement of pots in sundry sheltered locations, this will be more about positioning prudently across all of our strategies and asset classes, not trying to be too clever with the direction of travel, at least until the path of that direction becomes clearer.
One certainty with investing is that you have to commit to it in the first place. One cannot accrue wealth by either waiting for the storm to pass or by fearing the calm before it. Some of my most enduring perennials were heeled into soggy soil during the worst winter weather. While we usually emphasise these statistics during times of market stress, if a US equity investor missed the ten best one-day returns over the past thirty years, their gains would have been halved, while missing the best thirty days would have reduced returns by a thorny 83%. In final defence of diversity, I have also decided to somewhat mangle the words of the English former Poet Laureate, Alfred Austin (with apologies). Not unlike gardening, there is no investing without humility. Nature (like the market) constantly sends ‘even its oldest scholars to the bottom of the class for some egregious blunder’. Nobody is perfect, in other words, but we do our utmost to keep ‘wind-rock’ to a minimum.
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ONE CERTAINTY WITH INVESTING IS THAT YOU HAVE TO COMMIT TO IT IN THE FIRST PLACE. ONE CANNOT ACCRUE WEALTH BY EITHER WAITING FOR THE STORM TO PASS OR BY FEARING THE CALM BEFORE IT. SOME OF MY MOST ENDURING PERENNIALS WERE HEELED INTO SOGGY SOIL DURING THE WORST WINTER WEATHER.
Meet the Corporate, Commercial and Business Banking team from Isle of Man Bank
At Isle of Man Bank our Business and Commercial teams are here to support you with all aspects of your banking needs.
We provide everything from timely movement of payments through our multi-currency electronic banking platforms to satisfying complex liquidity and borrowing needs. Across the Isle of Man we’re proud to help our customers, spanning from sole traders and SMEs to large corporates. Our dedicated team of experienced Relationship Managers are on hand to offer support and guidance.
The local team are introduced below, with each being a key member of the Isle of Man Bank team…
Ian Perry
Head of Corporate, Commercial and Business Banking
E: Ian.Perry@iombank.com
T: 07624 455166
Ian brings over 36 years’ experience within NatWest Group. Starting his career in Great Yarmouth, Ian ran a network of branches in East Anglia before moving to the Isle of Man in 2004. Since then, Ian has held several senior roles including Head of Retail Branches, Premier and Mortgages. Ian is now Head of Corporate, Commercial and Business Banking and a regulated of昀cer for Isle of Man Bank.
He commented, “One of the highlights during my time in the Isle of Man is seeing businesses grow and thrive, supporting the local economy. I’m very proud to lead this team of outstanding Relationship Directors.”
Outside work Ian is an active member of the Manx golf and hockey community, having been Chairman of Vikings HC for over 10 years.
Andy Baxendale
Corporate Relationship Director
E: Andy.Baxendale@iombank.com
T: 07624 375058
Born and bred in Chorley, Lancashire, Andy has worked for NatWest Group since 1987 and moved to the Isle of Man in 1994. In his present role as Corporate Relationship Director, he is responsible for the management of a portfolio of both Corporate (turnover of £25m+) customers and Commercial Real Estate clients.
Andy is an Associate member of the Chartered Institute of Bankers (ACIB) and possesses a Diploma in Lending Skills and an Applied Diploma in Corporate Banking. In his spare time, Andy is a Director of Manx Birdlife; Treasurer of the Church Parish of St George and All Saints Douglas; Independent Account Examiner for Crimestoppers IoM, CAMRA IoM and the Manx Ornithological Society; enjoys race-walking and holds a season-ticket for FC Isle of Man.
Shaun Gritton
Business Relationship Manager
E: Shaun.Gritton@iombank.com
T: 07624 409401
Born and educated on the Wirral, Shaun moved to the Isle of Man in 1991 with Barclays, who he worked for until 2005 when he secured a role with Isle of Man Bank. Shaun worked as a branch manager before he began his role as a local business relationship manager in 2013. He always aims to build strong partnerships with his business customers. “I love the opportunity to work with my customers to help them grow and develop, to be there to help them through the tough times too. I pride myself on offering the best service to our customers to help them now and for the future.” In his spare time Shaun has been a long-standing volunteer with the Isle of Man Football Association.
Mark
Holt
Commercial Relationship Director
E: Mark.Holt@rbsint.com
T: 07624 472812
Brought up and educated in the Isle of Man, Mark is a Commercial Relationship Director responsible for the management of a portfolio of local trading businesses and Commercial Real Estate clients. Since joining NatWest International in 1990, Mark has built up extensive knowledge and experience which includes 25 years of working with clients in the Business, Corporate and Commercial sector. Mark possesses a Diploma in Lending Skills and is passionate about helping businesses thrive.
Outside work he is a keen golfer and for the last 3 years has been a Trustee of a local charity which assists new business start-ups.
Lindsay Leece
Business Relationship Manager
E: Lindsay.Leece@rbsint.com
T: 07624 473838
Lindsay moved to the Island in 1999 and joined RBS International in early 2000. Since then she has gained more than 15 years’ experience working in the business and retail sector teams. Lindsay prides herself with high standards in all areas of local knowledge and customer communication, ensuring clients receive an exceptional standard of service. A key driver is the forming of close working relationships with her clients, establishing a partnership with them, and helping to form and meet their short and long-term 昀nancial goals. Outside of work Lindsay loves a challenge, such as white collar boxing or climbing a mountain but most weeks, she can be found at the side of a pitch watching her two boys play football.
Juan Quayle
Commercial Relationship Director
E: Juan.Quayle@iombank.com
T: 07624 463497
Born and educated in the Isle of Man, Juan brings 27 years’ banking experience with NatWest Group to the role, including 20 years in relationship management roles, looking after the needs of local Premier and Commercial clients.
Juan understands the market we operate in and the needs of our existing and prospective customers. He commented, “I take pride in delivering great customer service to my local customer base, helping them achieve their 昀nancial goals and long-term aspirations.” Outside of work Juan is a keen golfer and a member of Peel Golf Club.
AN INTRODUCTION TO ENHANCING EGAMING OPERATIONS WITH SOPHI’S SCALABLE CUSTOMER SUPPORT SOLUTIONS
IN THE HIGHLY COMPETITIVE AND EVER CHALLENGING EGAMING INDUSTRY, THERE ARE MANY AREAS TO CONSIDER IN BUSINESS, MANY OF WHICH ARE EXTREMELY TIME CONSUMING AND EXPENSIVE TO IMPLEMENT. ONE OF THOSE AREAS WHICH IS CRITICAL TO PLAYER RETENTION AND ESPECIALLY IMPORTANT WITH REGARDS TO REGULATORY INSPECTIONS IS DELIVERING EXCEPTIONAL CUSTOMER SERVICE TO PLAYERS.
For both B2C and B2B businesses, SOPHI stands out as an Isle of Man service and solution provider, offering scalable support tailored to the unique demands of the eGaming industry across multiple jurisdictions and disciplines. Whilst benefiting from SOPHI’s expertise, operators and associated industry businesses can improve efficiencies, streamline recruitment, and reduce staffing liabilities and at the same time ensure compliance and enhance their economic presence.
COMPREHENSIVE MULTILINGUAL SUPPORT
LIVE CHAT AND TICKETING IS MANAGED REAL TIME BY REAL PEOPLE, DELIVERING HUMAN ASSISTANCE AND EFFICIENT TICKET RESOLUTION THAT KEEPS PLAYERS ENGAGED AND ISSUES DEALT WITH PROMPTLY
SOPHI provides a suite of services designed to enhance player satisfaction and operational efficiency. Vitally, their 24/7 Multilingual Call Center already provides services to a global customer base. SOPHI’s team offers support in multiple languages, ensuring clear and effective communication regardless of the time zone.
This 24/7 service can be tailored to an operators' target markets, often comprising of diverse communities that require a range of language options. Live Chat and Ticketing is managed real time by real people, delivering human assistance and efficient ticket resolution that keeps players engaged and issues dealt with promptly.
These services expand into more specialised areas such as payment queries, and as a PCI compliant business, SOPHI can provide expert handling of payment related concerns which builds trust and ensures smooth financial transaction queries and resolution. Beyond inbound, SOPHI delivers outbound and marketing services as proactive outreach and marketing initiatives help in player acquisition and retention.
PROACTIVE PLAYER ASSISTANCE AND ENGAGEMENT
Customer support is not only a reactive service but also a proactive tool in enhancing player satisfaction and retention. Query assistance and resolution guidance can be an effective customer support tool in guiding players through their queries, troubleshooting issues before they escalate into complaints, thereby enhancing player trust and reducing the likelihood of disputes.
Personalised welcome communications to new players, introducing them to available games, promotional offers, and other platform features that enhance their gaming experience is an engagement
process that fosters early stage loyalty and ensures players make the most of their time on the platform. Thereafter, social media management and engagement once established extends to managing interactions, and by doing so effectively ensures that players remain engaged, informed, and connected with the brand through strategic community management, content creation and distribution.
EFFICIENCIES OF WHITE-LABEL SOLUTIONS
One of SOPHI’s key offerings is its white label solutions, which provide significant advantages for prospective eGaming license holders. Regulatory Applications are time consuming, here SOPHI helps businesses navigate the regulatory landscape by offering tailored solutions that align with jurisdictional requirements, eliminating the need for in-house expertise, and reducing the burden of policy and procedural documentation creation. Operators benefit from cost effective entry into eGaming by leverage SOPHI’s established framework to launch operations swiftly and efficiently, this framework is scalable and customisable
White label solutions allow operators to tailor their customer service approach, integrating SOPHI’s expertise without the initial outlay of setting up an inhouse customer service centre. Operators focus on core business growth by outsourcing customer support, businesses can focus on player acquisition, game development, and market expansion rather than backend operations.
ENHANCED SECURITY AND COMPLIANCE STANDARDS
SOPHI’s compliance with leading industry standards ensures the highest levels of security and efficiency in customer service operations. Time and attention has focused on delivering customers with GDPR, PCI & DSS, ISO27001, and GAAS CAB05 Compliance. This means that SOPHI operates under stringent frameworks, ensuring that customer data is handled securely and in full accordance with industry regulations. This helps improve fraud prevention and risk management, resulting in the secure handling of sensitive player information which reduces the risk of fraud and ensures a safe gaming environment for players.
For businesses, this reduces the investment of security infrastructure and by leveraging SOPHI’s compliant and proven outsourcing model, operators
can avoid the substantial initial and ongoing costs of building and maintaining a secure in-house customer support infrastructure.
TAILORED SOLUTIONS FOR THE EGAMING INDUSTRY
Understanding the unique challenges of the eGaming sector, SOPHI offers customised solutions that align with industry demands.
• Scalability - Whether launching a new game or expanding into new markets, SOPHI’s services can scale to meet fluctuating demands, ensuring consistent player support.
• Expertise in Gaming Support - With a team experienced in gaming customer service, SOPHI ensures that player issues are resolved efficiently, enhancing player satisfaction and loyalty.
ECONOMIC SUBSTANCE AND OPERATIONAL EFFICIENCY
By partnering with SOPHI, eGaming companies can achieve significant advantages by improving their economic substance. SOPHI, which has a presence in the Isle of Man, can assist eGaming companies in meeting economic substance requirements, a critical factor in today's regulatory environment.
Scalable recruitment is important to meet demand in busy periods, but this doesn’t mean that service delivery should suffer. SOPHI’s advanced customer service recruitment strategies deliver top tier talent tailored to your needs, allowing you to focus on the success of your business, and once the busy period settle down, the reduced staffing liabilities are minimised by outsourcing, which reduces the complexities associated with in-house staffing, such as training, benefits, and turnover management, leading to cost savings and reduced administrative burdens.
Incorporating SOPHI into your business strategy not only enhances customer service delivery but also provides strategic advantages in economic substance compliance and operational efficiency. By leveraging SOPHI’s comprehensive support services, white label solutions, and industry leading security measures, eGaming companies can reduce costs, streamline operations, and focus on driving long term growth in an ever evolving market.
CLOUD SERVICES: HOW DATA SECURITY IS EVOLVING
CLOUD SERVICES HAVE GROWN AND DEVELOPED TO BECOME AN ESSENTIAL PART OF THE DIGITAL WORLD. IN RECENT YEARS, MANY BUSINESSES HAVE MOVED AWAY FROM STORING HARD PHYSICAL DATA ON THEIR PREMISES OR ELSEWHERE, AND INSTEAD LOOK FOR THE OPTIMUM LOCATION TO STORE THEIR MOST PRECIOUS ASSET – THE CLOUD.
ACCORDING TO FORBES, AROUND 60% OF C ORPORATE DATA IS NOW STORED IN THE CLOUD, COMPARED TO JUST 30% IN 2015. WE SPOKE WITH IAIN DAVIDSON, HEAD OF ENTERPRISE PRODUCTS, ABOUT HOW CLOUD IS DEVELOPING AND WHY NOW IS THE TIME TO EXPAND SURE BUSINESS’ CLOUD OFFERING.
IAIN DAVIDSON, HEAD OF ENTERPRISE PRODUCTS, SURE BUSINESS
OUR PRIVATE CLOUD OFFERS MAXIMUM SECURITY AND IS UNIQUE AS IT IS DEPLOYED FROM OUR ON-ISLAND DATA CENTRE. THIS GIVES CUSTOMERS THE PEACE OF MIND THAT EVEN IF A COMPLETE SHUTDOWN WAS TO OCCUR, YOUR BUSINESS COULD CONTINUE TO RUN, WITH YOUR DATA KEPT SECURE ‘‘
How is Sure Business keeping up to date with global developments in Cloud storage?
“There is so much going on, and it’s changing daily. Pretty much everyone had their own servers 10 years ago and Cloud was a bit more niche – used for essential backups and occasionally for smaller businesses with someone with enough tech know-how to go all in on nascent Cloud systems. Now, Cloud is everywhere and the biggest tech players, like Google and Microsoft Azure, are in the game, meaning there is much bigger scope for data storage.
“The biggest shift for Sure Business is moving towards multi-Cloud environments and increasing our product offering from three to five. Multi-Cloud environments generally offer customers more flexibility with accessing their data and are cheaper than hybrid models.”
What variations of Cloud are on offer at Sure Business?”
We’re now offering two versions of Sure vCloud – a system that uses virtual machines to operate; Private vCloud – which is built and managed for a specific customer, and Public vCloud - which is a segregated service shared by multiple customers. The former allows an organisation to have more influence over the type of storage and its parameters, and the latter offers an affordable option for organisations that don’t need highly bespoke storage.
“We also offer Azure HCI - an extension of local Azure services primarily designed for a single customer - and Azure Stack Hub, a multi-tenanted option using onisland shared infrastructure.
“We understand that every organisation is different, with very different needs, so customers can also choose our colocation package; a bespoke offering which involves your business leasing a space in a third-party data centre.”
Is data security improving with developments in Cloud?
The threat of deletion and unauthorised amendments should always be at the forefront of people’s minds when considering Cloud storage, and Sure Business has a wide range of security options available on our Cloud products to provide peace of mind.
Clients with data that doesn’t relate to customers often choose the less costly option of storing data in a public Cloud. Whereas other customers may seek a highly secure option, which they can restrict physical access to and maintain a log of who has access to it and when.
Our private Cloud offers maximum security and is unique as it is deployed from our on-island data centre. This gives customers the peace of mind that even if a complete shutdown was to occur across Jersey, Guernsey or Isle of Man, your business could continue to run, with your data kept secure. This also allows customers to control every aspect of their storage - including admin, reporting and backup and recovery – and could be the perfect option for traditional enterprise businesses that can’t tolerate any downtime.
Data is now more secure than ever, but the threats are constantly increasing and there is no doubt that security provision in the Cloud will become increasingly enhanced in the years to come, however, there is no room for complacency.
If you want to know more about the types of Cloud services Sure Business have on offer, get in touch on contactus@sure.com
Wherever your business or leisure travels take you...
A Charge Card is similar to a credit card as you can spend on it the same way as a credit card, but it has a monthly spending limit and requires that you pay the statement balance in full every month. The Black World Elite Charge Card offers a range of world-class benefits, including; worldwide lounge access, premium concierge service and extensive travel and lifestyle insurance cover. The Silver Charge Card offers a comprehensive suite of travel and lifestyle insurance cover giving you invaluable peace of mind. See the world without limits.
The Red Eye Revolution: Smart Solutions for Business Travellers
If your alarm regularly buzzes before 5 a.m. and you rush to the Airport, you may well be part of the ‘Red Eye Crew.’ For many business travellers, the first flight to London or Liverpool, is more than a routine—it’s a way of life. But early departures involve logistical acrobatics: deciding between breakfast or five more minutes in bed, factoring in potential delays, and debating whether a full suit or minimal effort will suffice for the day’s meetings. Amid such complexities, any tool that simplifies travel, and gives you access to a friendly place to grab a quick coffee before your flight, or to relax and recharge your batteries (and those of your devices) on your way home becomes invaluable. Enter Santander International Charge Cards, a new financial solution for frequent flyers and business travellers in the Crown Dependencies.
Bridging the Gap for Islanders
Over recent years, access to traditional credit cards has become increasingly difficult for Isle of Man residents, with many providers requiring a verifiable UK credit score. In response, Santander International has partnered with Accomplish to introduce Charge Cards. Designed specifically for islanders the cards bridge the gap between credit and debit cards, offering financial flexibility with exclusive perks.
Users can make purchases up to an agreed monthly spending limit but must pay the balance in full each month, avoiding debt accumulation and interest charges. This promotes responsible spending while offering the convenience required for frequent travel.
The Charge Card Advantage
For those travelling for business, Charge Cards provide the financial tools needed to turn complex travel into a more agreeable experience with benefits such as a 24/7 concierge and specialist ticketing to help with reservations and last-minute changes.
James Geldart, Managing Director of Santander International, Isle of Man Branch, explains: “Charge Cards bridge the gap between credit and debit cards, offering islanders a secure and convenient way to make purchases. For frequent travellers, it’s a practical tool that aligns with their unique financial needs.”
Options include:
• The Silver Card: Perfect for occasional travellers, this no-annualfee card includes comprehensive travel and lifestyle insurance, providing peace of mind for business trips and quick getaways.
• The Black World Elite Card: Designed for frequent flyers and business users, this premium card provides:
• Complimentary global airport lounge access for cardholders and their family and friends.
• Premium concierge services for bookings, reservations, and recommendations.
• Extensive travel insurance covering international trips, winter sports, and medical emergencies.
With an annual fee of £650, the Black Card offers substantial savings for those regularly travelling, delivering unmatched value in lounges, insurance, and lifestyle perks.
Multi-Currency and Digital Convenience
Charge Cards simplify international transactions with multi-currency options in Sterling, Euro, and US Dollar, reducing foreign transaction fees and exchange rate concerns. Compatible with Google Pay and Apple Pay, these cards support seamless, contactless payments.
The Charge Card app enhances control, allowing users to:
• Monitor balances and transactions in real time.
• Freeze or unfreeze cards instantly.
• Access PINs, statements, and digital wallets.
The Ideal Travel Companion
Charge Cards can’t secure the perfect weather for your flight, but they can deliver flexibility, security, and exclusive benefits to reduce other travel frictions whether you’re popping to the UK for a meeting or crossing borders for new opportunities.
Today’s increasingly hectic world demands financial products that meet individual needs.
The Isle of Man business community is increasingly globally connected, and islanders need the tools to travel. Frequent flyers can quickly calculate the value the Black Card lounge access offers alongside the many other perks that can make working on the go a little more comfortable.
James Geldart, Managing
Director
– Santander International, Isle of Man Branch
COMPARED: ISLAND ALCOHOL CONSUMPTION
ISLAND GLOBAL RESEARCH UNDERTOOK A SURVEY TO UNDERSTAND PEOPLE’S VIEWS TOWARDS THE CONSUMPTION OF ALCOHOL, ITS IMPACT AND MEASURES IN IMPROVING THE OVERALL HEALTH OF PEOPLE IN THE COMMUNITY. THE MAJORITY OF DATA COLLECTION TOOK PLACE IN OCTOBER LAST YEAR.
Island Global Research undertook the survey to understand people’s views towards the consumption of alcohol, its impact and measures in improving the overall health of people in the community.
Online data collection took place 5 October until 6 November 2024. Members of the Island Global Research Panel were invited to participated and it was promoted on social media. Residents aged 18 and over were eligible to participate.
1,516 Isle of Man residents, 1,264 Jersey residents and 1,393 Guernsey residents took part. Survey weights were used to adjust for age and gender differences between the sample and the resident population. Thus, they compensate for different patterns of non-response from different sub-groups of the population, such that survey results can be generalised from the sample back to the population from which they are drawn.
This survey is part of our public health series about the consumption of substances in our communities, which will continue throughout 2025.
The survey found similar results across the three islands:
• Around 9 out 10 agree that drinking alcohol in moderation is socially acceptable behaviour.
• Around a third agree that getting drunk is socially acceptable behaviour.
• Of those asked about, there is greatest concern about antisocial behaviour due to alcohol consumption followed by the cost implications of alcohol consumption to the healthcare system.
• Just over half think more should be done to reduce harm caused by alcohol in their island.
• Around 1 in 3 say someone else’s alcohol consumption has impacted their life in a negative way.
• Between 30% and 40% in each island would not know where to go for support cutting back on or giving up alcohol.
• Just over 80% believe the number of units in a product should be shown on the packaging as a legal requirement but there was less support for packaging to display other suggested information.
• Of those asked about, there is greatest support for more controls around alcohol advertising e.g. just under 70% would somewhat or strongly support a health warning on advertising while just under 60% would somewhat or strongly support more controls on where it is advertised.
• There is less support for minimum unit pricing on alcohol in shops (30-36% would somewhat or strongly support this).
IN THE ISLE OF MAN, WHILE 32% AGREE THAT GETTING DRUNK IS SOCIALLY ACCEPTABLE BEHAVIOUR, THIS RANGES FROM 60% OF THOSE AGED 18-39, TO 27% OF THOSE AGED 40-64 DOWN TO 9% OF THOSE AGED 65+. THOSE AGED 65+ ARE MORE CONCERNED THAN YOUNGER PEOPLE ABOUT THESE ISSUES. UNDER 40S ARE SLIGHTLY MORE CONCERNED THAN OLDER PEOPLE ABOUT THE IMPACT OF ALCOHOL ON THEIR OWN HEALTH AND BEHAVIOUR.
R
MONEY, MONEY, MONEY . . .
THE ISLE OF MAN IS RENOWNED FOR ITS FINANCIAL SERVICES MARKET, PARTICULARLY FOR ITS SERVICES TO THE WEALTHY. ASHGROVE’S TERRY VAN RHYN REFLECTS ON THE NEED FOR BRANDS TO MEET EXPECTATIONS IN A RICH MAN’S (OR WOMAN’S) WORLD.
MANAGING DIRECTOR AND FOUNDER, ASHGROVE MARKETING
When it comes to financial services, the stakes are high - and for high-net-worth individuals (HNWIs), wealth is a delicate asset that requires careful nurturing and bespoke attention.
As an advertising agency, we’ve had our fair share of experience of helping brands build meaningful connections with this elite group of clients. So, this month, I’m sharing some thoughts on the HNWI market.
To start off, a question I am often asked is whether brands should approach HNWI clients who initially appear to be on polar opposites of the wealth spectrum – i.e. old money vs new money – in the same way.
Whereas most old money typically has an infrastructure of support established over generations, new money very seldom enjoys that luxury and must build their own inner circle of trust.
But I strongly believe that, whether from old or new money, there are brands that appeal to both groups –such as Bentley, Porsche, Cartier, Louis Vuitton, Patek Phillippe, etc. This is due to these brands’ intrinsic qualities and value.
Therefore, if you are targeting a HNWI audience, it is important to establish a brand message and positioning that speaks to a common belief in value, quality, heritage, and image. Your brand should be very comfortable sitting alongside Patek, Louis and Mr Bentley at a dining table.
But what does it take to position a brand in the financial services industry to appeal to the ultrawealthy? How do you speak their language, gain their confidence, and ensure that your services stand out as the trusted stewards of their fortunes?
The first key to effectively marketing financial services to HNWIs is understanding their mindset. These individuals are used to privacy, exclusivity, and the finer things in life. They’re not just looking for someone who can manage their wealth - they’re seeking
a partner who can preserve it, grow it, and protect it from life’s uncertainties. Successful brands will not only convey expertise but also a deep understanding of their clients’ needs.
Building trust is paramount. HNWIs are used to dealing with top-tier professionals and expect nothing less when it comes to their financial needs. They are far more likely to choose a financial service provider who demonstrates a proven track record, has a solid reputation, and exudes confidence in managing large sums of money. The old adage ‘trust takes years to build, seconds to break’ rings especially true in the financial world.
The ability to refer to years of experience, showcase real success stories and a solid history of helping clients build and protect their wealth, will be a real advantage in this market.
Transparency is also key: HNWIs need to feel confident that they’re being provided with honest, unbiased advice. Think of your messaging as a guide through an increasingly complex financial world. Make it clear that you’re offering more than just advice; you’re offering expertise that’s capable of navigating even the most intricate financial landscapes.
It’s important to recognise that HNWIs are not looking for a cookie-cutter solution for their financial portfolio. Each one has their own unique needs, goals, and aspirations. Therefore, your brand must position itself as one that provides personalised, tailor-made solutions.
Whether it’s legacy planning, tax efficiency, or investment strategies, HNWIs expect a level of customisation that speaks to their life and financial goals.
You also need to be sure your messaging highlights how your services are flexible and adaptable to their needs. Focus on how your approach is unique and individual - no two clients are the same, and they shouldn’t be treated as if they are.
THE OLD ADAGE ‘TRUST TAKES YEARS TO BUILD, SECONDS TO BREAK’ RINGS ESPECIALLY TRUE IN THE FINANCIAL WORLD
To offer a HNWI client comfort and confidence, your brand must consistently reinforce these key value propositions:
SECURITY: HNWIs want to feel assured that their wealth is in safe hands. Focus on how your firm is equipped with cutting-edge technology, a robust risk management approach, or the expertise to protect their assets across multiple generations. (If you can demonstrate all three, so much the better.) Brand
TERRY VAN RHYN
messaging should reflect a commitment to safeguarding their financial legacy.
EXPERTISE: Clients need to know that you understand the intricacies of managing substantial amounts of wealth, whether it's through sophisticated investment strategies, international tax laws, or global market trends. Brands that can offer go-to experts with high-level industry knowledge and credentials give clients peace of mind.
GROWTH AND OPPORTUNITY: Wealth management isn’t just about preserving what’s already there, it’s about building on that foundation. Whether it’s identifying high-growth investment opportunities or capitalising on alternative assets, emphasise how your services are designed to grow their wealth, while balancing risk.
EMOTIONAL CONNECTIONS: Appeal to what truly matters. It’s not all about the numbers. HNWIs often value legacy, purpose, and family in ways that go beyond the material. They are likely to be interested in aligning their investments with personal values, whether that’s through philanthropy, sustainable investing, or ensuring the financial future of their children and grandchildren.
By positioning your brand as one that understands these values and speaks to them, you are not only helping to grow their wealth but also to leave a lasting legacy that reflects their life’s work.
Lastly, HNWI’s experience with your brand should feel personal and exclusive. Think about the level of service they are accustomed to in other areas of lifefine dining, luxury cars, bespoke tailoring - and ensure that this level of personalised service is reflected in your financial services offering.
From a dedicated relationship manager to private consultation services, creating an exclusive experience where every touchpoint feels special is key.
Marketing and positioning your financial services brand to high-net-worth individuals is about demonstrating that you understand their world and offering solutions that cater to their complex, sophisticated needs. By focusing on trust, expertise, personalisation, and security, your brand can stand out as the perfect partner.
Remember, for the ultra-wealthy, it’s not just about the bottom line - it’s about a long-term partnership rooted in mutual respect, shared goals, and a sense of security that transcends the numbers.
‘‘
THINK ABOUT THE LEVEL OF SERVICE THEY ARE ACCUSTOMED TO IN OTHER AREAS OF LIFE - FINE DINING, LUXURY CARS, BESPOKE TAILORING - AND ENSURE THAT THIS LEVEL OF PERSONALISED SERVICE IS REFLECTED IN YOUR FINANCIAL SERVICES OFFERING
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BUSINESS DIRECTORY
Accountants
Atla Accountancy Services Ltd, Ground Floor, 11-13 Hill Street, Douglas Tel +44 1624 777403 hello@atla.im
Callin & Co, 6-7 Fort William, Head Road, Douglas. Tel. +44 1624 675528 callin@manx.net
CM Partners, 8, St George’s Street, Douglas. Tel. +44 1624 665100 admin@cmiom.com
EY, Rose House, 51-59 Circular Road, Douglas. Tel. +44 1624 691800 www.ey.com/im
Fryers Bell & Co, 27, Athol Street, Douglas. Tel. +44 1624 639850 fryers_bell@manx.net
Greystone LLC, 18 Athol Street, Douglas. Tel +44 1624 620711 mail@greystone.im
In Safe Hands, 75 Bucks Road Douglas, IM1 3EF Tel. +44 1624 616133 contact@insafehands.im
KPMG, Heritage Court, 41, Athol Street, Douglas. Tel. +44 1624 681000 info@kpmg.co.im
OrmCo Accounts Alma House, 7 Circular Road, Douglas. Tel: +44 1624 610547 sales@ormcogroup.com
Suntera Global Peveril Buildings Peveril Square Douglas Tel: +44 (0) 1624 683242 info@suntera.com
Baker Tilly Isle of Man, P.O. Box 95 2a Lord Street Douglas Tel. +44 1624 693900 info@bakertillyiom.com
Callow Matthewman & Co, Atholl House, 29/31, Hope Street, Douglas. Tel. +44 1624 622752 Ramsey Office Tel 814494
Crowe Isle of Man LLC, 6th Floor, Victory House, Prospect Hill, Douglas. Tel. +44 1624 627335 mail@crowe.im
Endor Consultants LLC 18-20 N Quay, Douglas. Tel: +44 1624 676550 info@endorconsultants.com
Grant Thornton, Exchange House, 54/62 Athol Street, Douglas . Tel: 44+ 1624 639494 info@im.gt.com
R. P. Harker, Maskani Yetu, Garey Close, Foxdale Tel. +44 1624 675450
Invicta Accounting Ltd, 24 Athol Street, Douglas, IM1 1JA Tel. +44 1624 672358
LK Accounting Limited ‘Ballabundu’, Chapel Lane, Baldrine, IM4 6DG Tel. +44 1624 664665 hello@lkaccounting.im
PricewaterhouseCoopers LLC, Sixty Circular Road, Douglas. Tel. +44 1624 689689
Thompsons The Accountants, 1st Floor, Royal Trust House, 60-62 Athol Street, Douglas. Tel. +44 1624 611108
Boothmans, Millennium House, Victoria Road, Douglas. Tel. +44 1624 611926 bca@boothmans.com
Celtic Associates Ltd, Chartered Accountants, One, The Parade, Castletown. Tel: +44 1624 822022 Email: email@celt.im
David Gelling & Associates, 44 Main Road, Onchan. Tel. +44 1624 615500
Enigma Accountancy and Bookkeeping Ltd. Willow House, 61-69 Main Rd, Onchan Tel: +44 7624 618322
Greenfinch Accountancy Ltd, Shee Yee, 12 Ballachrink, Colby. Tel: +44 1624 833727
Hotchkiss Group, Suite D, Champion House, Tromode. Tel. +44 1624 872140 tax@hotchkiss.im
Jessup & Co, 44 Athol Street, Douglas. Tel. +44 1624 625666
Peter D. Lace, 17 Peel Road, Douglas. Tel. +44 1624 661640
Red Accounts Ltd., 24 Hillberry Heights, Douglas. Tel: +44 1624 679924
E Thorn, 47 Buttermere Drive, Onchan. Tel. +44 1624 613782
Nicola Bowker & Co., Alexander Buildings, 37 New Road, Laxey. Tel. +44 1624 861271 nicola@nicolabowker.co.uk
UHY Crossleys LLC, P. O. Box 1, Portland House, Station Road, Ballasalla. Tel. +44 1624 822816 mail@crossleys.com
Deloitte LLP, The Old Courthouse, Athol Street, Douglas. Tel. +44 1624 672332
Fowler & Co., First Floor, Norton House, 41 Arbory Street, Castletown. Tel +44 1624 827848
Greenwave Accountants, Awin Ruy, Lower Ballachrink Farm, St Marks Road, Ballasalla Tel: +44 1624 838434
Hunter Tax Consultants Ltd, First Floor, Milbourn House, 13a St George’s Street, Douglas. Tel. +44 1624 625765
K5 Tax & Accounts Ltd, Museum Buildings, Church Road, Port Erin. Tel. +44 1624 833776 enquiries@k5ltd.im
Moore Dixon, PO Box 25, 26-28 Athol St, Douglas, Isle of Man IM99 1BD +44 (0) 1624 662020 mail@mooredixon.com
Shimmin Wilson & Co, 13-15 Hope Street, Douglas. Tel. +44 1624 627744 mail@shimminwilson.com
Michael Turner & Co, Ballanorris Court, Douglas Road, Ballabeg. Tel. +44 1624 822534 mbturner@manx.net
Licence Holders, Class 2 - Investment Business
Ardan International Wealth Platform, 2nd Floor, Goldie House, 1-4 Goldie Terrace, Upper Church Street, Douglas Tel. +44 1624 652555
Brooks Macdonald Asset Management (International) Ltd 3rd Floor, Exchange House, 54-62 Athol Street, Douglas. Tel. +44 1624 831320
Chase Financial Services Ltd, 10-12 Prospect Hill, Douglas. Tel. +44 1624 612611
Hockney Stevens Chartered Financial Planners Kerrowglass, Stockfield Road, Kirk Michael. Tel. +44 1624 877864
JMR Limited, Finance Centre, Close Beg, Ballawattleworth, Peel. Tel +44 1624 842514
Moore Dixon Financial Services, 26-28 Athol Street, Douglas. Tel. +44 1624 662020
Resilience Asset Management (IOM) Ltd, St Georges Tower, Hope Street, Douglas. Tel: +44 1624 602020
Barclays Bank PLC Eagle Court, Circular Rd, Douglas. Tel. +44 1624 684444
Canaccord Genuity Wealth (International) Limited, 55 Athol Street, Douglas. Tel. +44 1624 690100
Creechurch Capital Ltd, Atlantic House, 4-8 Circular Road, Douglas. Tel: +44 (0) 653800 info@creechurchcapital.com
HSBC Bank Plc, HSBC House, Ridgeway Street, Douglas. Tel. +44 1624 684840
Knox D'arcy Asset Management Ltd, 3rd Floor, Analyst House, Douglas. Tel. +44 1624 623994
Nedbank Private Wealth Ltd, St Mary's Court, 20 Hill Street, Douglas. Tel: +44 (0) 645000
The Royal Bank of Scotland International Ltd, Royal Bank House, 2 Victoria Street, Douglas. Tel. +44 1624 646464
Insurance Managers
Aon Insurance Managers (Isle of Man) Ltd, St George's Court, Upper Church Street, Douglas. Tel +44 1624 692420
Isle of Man Insurance Management Ltd, IOMA House, Hope Street, Douglas. Tel +44 1624 681200 www.iomagroup.co.im
RL360 Services Ltd, International House, Isle of Man Business Park, Douglas, Tel. +44 1624 681681 csc@rl360.com
Canada Life International Ltd, Canada Life House, Isle of Man Business Park, Douglas. Tel. +44 1624 820200 info@canadalifeint.com
Marsh Management Services Isle of Man Ltd, Rose House, 51-59 Circular Road, Douglas. Tel +44 1624 630500
Thomas Miller Isle of Man Ltd, Level 2, Samuel Harris House, 5-11 St Georges Street, Douglas. Tel. +44 1624 645200
Blackford Financial Services Ltd, 34 Athol St, Douglas. Tel. +44 1624 627674
Capital Financial Markets Ltd, Capital House, Circular Road, Douglas. Tel. +44 1624 654200
DBAY Advisors Limited, 4th floor, 64b Athol Street, Douglas. Tel +44 1624 690 900 info@dbayadvisors.com
Independent Financial Consultants Ltd., 37 Ballanard Road, Douglas. Tel. +44 1624 671679
LMS Partners Limited, 14 Athol Street. Douglas. Tel +44 1624 666888 enquiries@lmspartners.co.im
Oceanic Investment Management Ltd, St George's Court, Upper Church Street, Douglas. Tel: +44 (0) 1624 663616
Standard Bank (IOM) Ltd, Standard Bank House, One Circular Road, Douglas. Tel. +44 1624 643643 www.sboff.com sbiom@standardbank.com
Capita Life and Pensions Services (Isle of Man) Ltd, 43-51 Athol Street, Douglas. Tel. +44 (0) 1624 691000
Monument International PO Box 391
Douglas Tel. +44 (0) 1624 683683 ask@monument.im
Thomas Miller Captive Management Ltd, Level 2, Samuel Harris House, 5-11 St Georges Street, Douglas. Tel. +44 1624 645200
Banks - Licenceholders
Barclays Bank PLC, Eagle Court, Circular Rd, Douglas. Tel. +44 1624 684444
Lloyds Bank International Ltd, PO Box 111, Peverial Buildings, Douglas. Tel. +44 1624 638200
Capital International Bank Ltd, Capital House, Circular Road, Douglas. Tel. + 44 1624 654200 cib-bd@capital-iom.com
Nedbank Private Wealth Ltd, St Mary’s Court, 20 Hill Street, Douglas. Tel. +44 1624 645000
Blue Square Wealth Management Limited, 2nd Floor, Queen Victoria House, Victoria Street, Douglas. Tel: +44 1624 645313
Capital International Ltd, Capital House, Circular Road, Douglas Tel. +44 1624 654200
Edgewater Associates Ltd, 1st Floor, Clarendon House, Victoria Street, Douglas. Tel. +44 1624 654000 enquiries@edgewater.co.im
Investasure Financial Services Ltd, Falcon House, 22-24 Ridgeway Street, Douglas. Tel. +44 1624 615751
MAC Financial Limited, MAC House, 64 - 65 Athol Street, Douglas. Tel +44 1624 639450
Osborne Financial Services Ltd, Clearview, Shore Road, Ballaugh. Tel: +44 (0) 1624 898034
Thomas Miller Investment Samuel Harris House, 5-11 St Georges Street, Douglas. Tel +44 1624 645200 tminvestment.com
Friends Provident International Services Ltd, Royal Court, Castletown. Tel +44 1624 821212
Quilter International Business Services Ltd, PO Box 159, King Edward Bay House, King Edward Road, Onchan, Tel. +44 (0) 1624 655555
Utmost Administration Ltd, Walpole Ave, Douglas. Tel. +44 1624 643345
Blythe Financial Limited, 11 Myrtle Street, Douglas. Tel: +44 1624 619180
Chartwell Financial Planners Ltd, Quayside House, 6 Hope Street, Castletown. Tel. +44 1624 801409
FIM Capital Ltd, 55 Athol Street, Douglas. Tel. +44 1624 681250 enquiries@fim.co.im
Investment Interest Management Ltd, Goldie House, Goldie Terrace, Douglas. Tel. +44 1624 863125
Marriott Isle of Man Ltd, 55 Athol Street, Douglas.
Ramsey Crookall & Co, Securities House, 38-42 Athol Street, Douglas. Tel. +44 1624 673171
Thornton Associates Ltd, Top Floor, St John’s Mill, Mill Road, St John’s Tel. +44 1624 660220
Hansard Administration Services Ltd, Harbour Court, Lord Street, Douglas. Tel. +44 (0) 1624 688000
SIGCo Management (IOM) Ltd, Level 2, Samuel Harris House, 5-11 St Georges Street, Douglas. Tel. +44 1624 664095
Zurich Financial Services (Isle of Man) Insurance Manager Ltd, Isle Of Man Business Park, Douglas. Tel. +44 1624 691111
Cayman National Bank (IOM) Ltd, Cayman National House, 4-8 Hope Street, Douglas. Tel. +44 1624 646900
Santander International PO Box 123 19/21 Prospect Hill, Douglas Tel 01624 641888 info@santanderinternational.co.uk
Conister Bank Ltd, Clarendon House, Victoria Street, Douglas. Tel. +44 1624 694694
The Royal Bank of Scotland International Ltd, Royal Bank House, 2 Victoria Street, Douglas. Tel. +44 1624 646464
HSBC Bank PLC, HSBC House, Ridgeway Street, Douglas. Tel. +44 1624 684840
Standard Bank Isle of Man Ltd, Standard Bank House, One Circular Road, Douglas. Tel. +44 1624 643643 sbiom@standardbank.com
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Advocates
Advocate John Rimmer Ltd, Fort Anne, Douglas. Tel +44 1624 621466 mail@advocatejr.com
Athena Law Ltd, 3 Ballanard Woods, Ballanard Road, Douglas. Tel. +44 1624 622100
Callin Wild, Bank Chambers, 15-19, Athol St, Douglas. Tel. +44 1624 623195 mail@callinwild.com
Coren Law Ltd, 3rd Floor, Queen Victoria House, Victoria Street, Douglas. enquiries@corenlaw.im
DQ Advocates, The Chambers, 5 Mount Pleasant, Douglas. Tel. +44 1624 626999 info@dq.im
Humphrey and Helfrich, The Old Courthouse, Athol Street, Douglas. Tel: + 44 (0)1624 651951 info@humphreyandhelfrich.com
Laurence Keenan, Victoria Chambers, 47, Victoria Street, Douglas. Tel. +44 1624 611933 info@lklaw.co.im
Long and Co Ltd, ‘Eyreton’ Quarterbridge Road, Douglas. Tel. +44 1624 319897
MannBenham Advocates, 49 Victoria Street, Douglas. +44 1624 639350
Paterson Property Law Ltd, 39 Ballagarey Road, Glen Vine, Douglas. Tel. +44 7624 315800
Travers Law Ltd, 4th Floor, Hillary House, Prospect Hill, Douglas. Tel. +44 1624 649321
Advocates Smith Taubitz Unsworth Ltd, 77-79 Bucks Rd, Douglas. Tel +44 1624 677888 reception@advocates.co.im
BridsonHalsall, Havelock Chambers, 16-18 Mount Havelock, Douglas. Tel. +44 1624 614422 reception@iomlaw.com
Carters, 9 Circular Road, Douglas. Tel. +44 1624 662809 reception@carters.co.im
Corlett Bolton & Co., 4, Finch Road, Douglas. Tel. +44 1624 676868 mail@corlettbolton.com www.corlettbolton.com
FinLaw, Cameo House, 19 Duke Street, Douglas. Tel. +44 1624 855320
Ian Kermode Advocate, Court View Chambers, 14 Albert Street, Douglas. Tel. +44 1624 611117 www.ik.im
Kerruish Law Ltd, First Floor, Bourne Concourse, Peel Street, Ramsey. Tel. +44 1624 623919
LVW Law, Museum Buildings, Church Road, Port Erin. Tel. +44 1624 836757 barrister@manx.net
Myerscough & Clegg, 6 Hill Street, Douglas. Tel. +44 1624 616404
Pringle Law, Victoria Court, 16 Athol Street, Douglas. Tel. +44 1624 612200 mail@pringle-law.com
Wood Law, 16 Peel Road, Douglas. Tel. +44 1624 625007 www.woodlaw.im
Alma Legal, 1 Athol Street, Douglas. Tel. +44 1624 652599 contact@almalegal.com
Cains, Fort Anne, Douglas. Tel. +44 1624 638300 law@cains.com
Chambers of Paul T Rodgers, 8 Finch Road, Douglas. Tel. +44 7624 232242 paul@manxadvocate.com
David Reynolds Advocate, 23 Circular Road, Douglas. Tel. +44 1624 610880
Gray Law Advocates, 87 Parliament Street, Ramsey. Tel. +44 1624 818058 reception@gla.co.im
Innova Law, Ground Floor, 16-18 Finch Rd, Douglas. Tel. +44 1624 654900 innovalaw.im
Kinley Legal 4 Albert Street Douglas. Tel: +44 1624 640366 contact@kinleylegal.com
M&P Legal, New Court Chambers, 23-25 Bucks Road, Douglas. Tel. +44 1624 695800 law@mplegal.im
Nicolle Plumley Advocate, Bellevue House East, Belle Vue, Peel. Tel. +44 1624 844445
Simcocks, Ridgeway House, Ridgeway Street, Douglas. Tel. +44 1624 690300 enquiries@simcocks.com
Weatherill Advocate & Solicitor, 20 Athol Street, Douglas. Tel. +44 1624 674994
Appleby, 33-37 Athol Street, Douglas. Tel. +44 1624 647647 www.applebyglobal.com iom@applebyglobal.com
Cains Gordon Bell, Auckland Chambers, Auckland Terrace, Ramsey. Tel. +44 1624 811311 law@cainsgb.co.im
Corbridges, Chancery House, 2 Albert Street, Douglas. Tel. +44 1624 690060 mail@corbridges.com
Dickinson Cruickshank Ramsey, Masonic Buildings, Water Street, Ramsey. Tel. +44 1624 812107
Hannan Law, 5 Hill Street, Douglas. Tel: +44 1624 628900 mail@hannanlaw.im
Kelly, Luft, Stanley & Ashton, 2 Sydney Mount, Douglas. Tel. +44 1624 674316 law@kellyluft.com
Kneale Advocates Ltd, 2nd Floor, Hillary House, Prospect Hill, Douglas. +44 7624 413712 www.knealeadvocates.com
Maher Law, Third Floor, 4 Athol Street, Douglas. +44 1624 770080
Nigel Cordwell Advocate, The Old Vicarage, Princes Road, Douglas. Tel. +44 1624 677277
SW Legal, The Engine House, Castletown. Tel. +44 7624 479222 info@swlegal.im
John Wright, 16 Willowbrook Gardens, Douglas. Tel. +44 1624 611999 mail@johnwright.co.im
PORTFOLIO
IFGL appoints Group Chief Compliance Officer
Charlotte Lewis has been appointed to the role of Group Chief Compliance Officer and member of the Executive Committee, at Isle of Man based International Financial Group Limited (IFGL).
Charlotte is a Chartered Accountant and brings over 15 years of experience working in the financial services sector with a broad range of relevant leadership and financial services experience gained from her both her time in practice at Deloitte, and in industry as Head of Financial Reporting at Manx Telecom.
Before her move to IFGL, Charlotte enjoyed 10 years (over two spells) with Deloitte Isle of Man. Her early career saw her manage an audit portfolio of regulated entities including those in the Life Insurance sector.
Latterly, she was the Lead Advisory and Assurance Director for Deloitte Isle of Man, responsible for growing the advisory and assurance side of the business, with a focus on regulatory and controls assurance and financial crime advisory projects. Her clients have included Public Sector, highly regulated financial services entities and large and listed entities with complex control environments.
IFGL’s Group Chief Risk Officer Sue-Ann Ind said: “I’m so pleased to welcome Charlotte to our leadership team. Charlotte’s experience and expertise are key assets for our business because she brings a global perspective and an appreciation of strategic opportunities and challenges.
“She will be responsible for setting a clear strategy for IFGL in terms of compliance and conduct, bringing fresh perspectives to protecting our business, delivering excellent customer outcomes and continuing to embrace regulatory change.”
“The opportunity to join a growing and ambitious organisation based in the Isle of Man was very attractive to me,” said Charlotte. “There is already a well-embedded compliance culture within the business, and I am looking forward to using both my strategic and technical skills to support the business growth whilst further strengthening the control environment we have in place to comply with an everevolving regulatory landscape.
“I have a huge amount to learn but I have a very strong team around me and I am excited about the challenge. I am committed to showing that, with the right support, women can excel in leadership roles whilst embracing the responsibilities and joys of parenthood”.
Charlotte grew up in Derbyshire and moved to the Island in 2012, with her now husband, Jamie. She has two young sons aged 6 and 3. Outside of work, Charlotte enjoys playing the piano and spending time outdoors, whether she’s running or exploring the Island’s beautiful landscapes with her family.
“I’m also very passionate about sustainability,” said Charlotte. “The Isle of Man is a beautiful place to live, with our biosphere status, and it’s important we protect what makes the Island so special.”
New Chief Executive Officer of the Gambling Supervision Commission
The Isle of Man Gambling Supervision Commission has today confirmed the appointment of Mark Rutherford as Chief Executive Officer of the Isle of Man Gambling Supervision Commission (GSC).
His role is to oversee and maintain the Isle of Man’s regulatory standards for Gambling and Medicinal Cannabis and ensure the integrity, transparency, and effectiveness of the Island’s regulatory framework, safeguarding both the reputation of the sector and the protection of consumers.
Having worked within the Isle of Man GSC for 15 years, Mr Rutherford’s experience spans multiple roles within the Island’s public service, including having served in the Income Tax Division before joining the GSC as the Director of Policy and Legislation.
Acting chair of the GSC, David Butterworth commented: “Mark’s transition into this role comes at a crucial time, ensuring we uphold the highest standards of transparency and protection while adapting to the sector’s evolving challenges.”
Mr Rutherford said: “There is an important opportunity to strengthen the Isle of Man’s defences against financial crime and I am embarking on an ambitious programme of reform to reinforce the powers we have to supervise and regulate the gambling sector.
“It is imperative that we continue to review and adapt our approach to stay aligned with evolving challenges, including the emerging risks and typologies arising from particular markets. I shall be examining those threats closely to ensure that our systems remain alert and that the Isle of Man maintains its reputation as a respected destination for good business.
“I will also be further expanding our international cooperation and domestic interagency working and the GSC will continue to play its part in the network of authorities that detect and disrupt criminal activity in the Island. It is vital that we maintain alignment with the international standards’ requirements for combatting financial crime as they continue to be evolve.
“Over the last 25 years the Island has built a global reputation as a high-quality regulatory regime for eGaming and we have seen the sector grow and diversify. I am keen that we support responsible growth in this important sector and we license quality operators who share our values of safety and fairness.”
The appointment of Mark Rutherford has been welcomed by Department for Enterprise Executive Agency, Digital Isle of Man.
Lyle Wraxall, Chief Executive Officer at Digital Isle of Man, said: “The Isle of Man’s eGaming sector has experienced remarkable growth over the past 25 years, becoming home to a thriving, skilled community. A key driver of this success is the global reputation the GSC has built, positioning the Island as a leading jurisdiction for credible gambling licensing and protection.
“Mark’s appointment comes at a pivotal moment. Effective and robust regulation is crucial to maintaining the integrity of our digital economy and ensuring the Island remains competitive in the global market. Under his leadership, we are confident the GSC will further enhance the Island’s reputation as a trusted, forward-thinking jurisdiction for eGaming and related industries.
“As we move forward, the future regulation of the Island’s gambling sector will form a core part of Digital Isle of Man’s eGaming Strategy, currently in development. The Strategy will mark the start of a renewed effort to drive growth, adapt to market changes, and strengthen the Island’s reputation as a destination for high-quality eGaming businesses. By refining our approach and addressing key challenges, we aim to boost confidence in the sector and ensure its ongoing contribution to the economy.”
Kimberley Broad, Chair of the eGaming Strategic Advisory Board, also welcomed the announcement: “eGaming is the second largest contributor to the Island's GDP, and it's therefore essential that our regulatory framework continues to be strong and effective. Accordingly, the Board and I look forward to working with Mark and his team to ensure the continued success of the industry on the Island.”
CHARLOTTE LEWIS
MARK RUTHERFORD
Appointed Advisory Partner at KPMG
KPMG in the Crown Dependencies is pleased to announce the appointment of Neil Kelly to the role of Advisory Partner based in the firm’s Isle of Man office.
Neil brings a wealth of experience and expertise to the role, further strengthening KPMG's advisory capabilities across the Isle of Man, Jersey and Guernsey.
Neil joins KPMG with over 20 years of experience across a range of sectors, having most recently spent 10
Account
years as founding CFO at an Isle of Man headquartered technology and telecoms service provider. His extensive background in M&A, corporate finance, business strategy and digital transformation will be invaluable as KPMG continues to expand its services and support clients in navigating complex business challenges.
“Having spent the last 18 years of my career delivering growth and transformation across a number of businesses, I am now looking forward to bringing the skills and knowledge that I have gained to the Advisory function of the business”, said Neil.
“I am very pleased to join the firm and am hopeful that I can bring an external perspective to the business, to further enhance the professional offering and drive growth.”
In his new role, Neil will work with the wider KPMG Islands Group Advisory teams on enhancing KPMG's advisory offerings, driving innovation, and delivering tailored solutions to meet the evolving needs of clients.
“We are delighted to welcome Neil to the team”, comments Nick Quayle, Isle of Man Office Lead Partner at KPMG in the Crown Dependencies. "His extensive experience and proven track record make him a valuable addition to our firm. We are confident that Neil will play a key role in helping our clients achieve their strategic objectives.”
Manager, Marketing Division, newly appointed at
GameOn
GameOn has announced the appointment of Carrie Allen-Snell to the role of Account Manager – Marketing Division, further bolstering the capabilities of its Isle of Man-based marketing and PR team.
With over 13 years of experience in strategic marketing, PR, and business development, Carrie brings a wealth of expertise to her new role. She has previously served as an in-house Marketing Manager for a leading law firm and as a Marketing Account Manager for a
renowned UK communications agency. During this time, Carrie has successfully led transformative campaigns, including corporate rebrands, digital marketing initiatives, and high-profile event management.
In her role as Account Manager, Carrie will collaborate with clients to deliver a comprehensive range of services. These include multinational brand management, sales-driven marketing, and the creation and implementation of corporate and product communication strategies. Additionally, she will focus on employee branding and engagement, organisational transformation, market research, and the management of digital acquisition opportunities for clients.
Alex Wilson, co-founder of GameOn’s Marketing Division said, "Carrie's strategic insight and proven expertise align perfectly with our vision of providing unparalleled marketing support to our clients.
“We're confident that her leadership will strengthen our new CMO offering and drive remarkable outcomes for the brands we partner with."
Commenting on her appointment, Carrie Allen-Snell said, “GameOn has earned a remarkable reputation in the gaming industry over the past 20 years, and I’m thrilled to join Sarah, Alex, and the incredibly talented team.
“The launch of the new marketing division reflects the company’s forward-thinking approach to gaming innovation, offering clients a flexible solution to support their strategic marketing needs. I’m excited to work alongside Alex and our clients to contribute to its ongoing success."
Juan Watterson SHK new CAPAC chair
The Speaker of the House of Keys, Juan Watterson SHK, has been appointed chair of the Commonwealth Association of Public Accounts Committees (CAPAC), the body which unites public accounts committees (PACs) across the Commonwealth and is dedicated to fostering effective parliamentary oversight, promoting transparency, and ensuring value for money in public spending.
Mr Watterson said: “It is an honour to serve as chair of CAPAC. I welcome this opportunity to apply my experience, not only as a long-standing parliamentarian and ardent advocate for financial accountability but also as a qualified chartered accountant, to the role. Importantly, I am looking forward to working alongside my fellow parliamentarians from across the Commonwealth as, together, we look to strengthen the capacities of PACs, facilitate the exchange of best practices, and drive impactful oversight that benefits citizens across member nations.
“Public accounts committees play a critical role in holding governments to account and safeguarding public funds. My focus will be on enhancing collaboration, equipping PACs with the tools they need to succeed, and ensuring that the electorate can trust in the financial stewardship of their governments.
“As chair of Tynwald’s PAC for the last eight years and member of the committee for 13 years, I have long championed robust governance and accountability. The committee’s work has included the inquiry into the Manx Health Service that paved the way for Sir Jonathan Michael’s review of the Island’s health and social care system, contemporaneous scrutiny during Covid that provided a rare but intense opportunity to examine government decisions and, more recently, a deconstruction of issues around the new Isle of Man Ferry Terminal in Liverpool project.”
David Christopherson, (retired) chair, standing committee on public accounts of Canada, said: “Watterson’s election as chair of the Commonwealth Association of Public Accounts Committees (CAPAC) is a sign of the international respect for his dedication to accountability. His part in creating an office of the Auditor General on the Isle of Man demonstrates a commitment to high standards in public finance for the Isle of Man. His expertise, vision, and dedication will be an invaluable driver of CAPAC - and accountability across the Commonwealth. We look forward to collaborating in the years ahead.”
Mr Watterson will hold office until 2026.
NEIL KELLY
JUAN WATTERSON SHK
CARRIE ALLEN-SNELL
NINJA
