economic growth forecast for the Isle of Man
event shines light on the Island’s regulatory sector
FIRST FOR PRESTIGE & PERFORMANCE CARS
Advance reservation online or phone 640040
In a great location opposite the airport
Sizes from 16 sq ft up to 600 sq ft
Bulk storage units and pallet racking available 24/7 access via pin code at the main door
CCTV Security
Packing materials, locks & accessories for sale
Automatic lighting in every unit
Ample loading area and parking
Undercover loading bay and freight lift
Free use of trolleys
Conference promotes workplace wellbeing
A conference organised by the Isle of Man Chamber of Commerce and sponsored by Zurich helped employers and employees to learn more about how to support workplace wellbeing.
The Positive Health & Workplace Wellbeing Conference – organised by Chamber’s Positive Health and Wellbeing Forum – took place at the Comis Hotel & Golf Resort and attracted more than 100 delegates from the private, public and third sectors. The day began with a leadership breakfast sponsored by MAC Group and was followed by a series of sessions designed to help employers to create healthy and positive work environments.
Zurich - which also sponsored the conference in 2023 - took part in two sessions. The first was led by Karen Mercer (Head of HR) and covered generational differences in the workplace, and the second saw Emma Watterson (Propositions Analyst) joining a panel discussion led by Chamber’s Positive Health & Wellbeing Forum which looked at how employers can benefit by adapting to changing employee expectations. Karen Mercer said: “The conference is an ideal forum to share expertise and examples of best practice on all aspects of workplace wellbeing. As Zurich is a business with a long-term commitment to promoting positive health and wellbeing – both locally and globally as an employer and an employee benefits provider – we are proud to play a part in the continued success of this important annual event.”
Mike Stringer, Rebecca Netten, and Tom Wilson (all from MAC Group) and David Booth (Santé Group) led a session focusing on the changing landscape of
employee benefits and wellbeing. Rebecca Netten, Head of Corporate Advisory at MAC Group, said: “It was great to be back at the conference again this year, sharing insights and strategies for effective workplace wellbeing. As a leading employee benefits adviser on the Island and celebrating our 20th anniversary this year it was an honour to support such a fantastic event.”
Other presentations during the day were by representatives from Swagelok, Manx Sport & Recreation, healthandbalanceiom.com, Soundology, Disability Awareness, Manx Anti-Cancer Association, caitrionaellis.com, Isle Stand Up to Suicide, Femm Collective, Isle Listen, Life After Loss, Simply Sleep, Mountain High Coaching, The Firm Slimming and Health Clinic, and Resolute Consultancy.
Jayne Kennell, Chamber’s Positive Health & Wellbeing Forum Lead, commented: “We’re delighted to build on the success of last year’s event and to see the enthusiasm from employers and employees regarding workplace wellbeing. We must say a big thank you to event sponsor Zurich on the Isle of Man, leadership breakfast sponsor MAC Group, and all of the other organisations and individuals that contributed to an event which is leading the way on this important issue.”
Public Health Isle of Man’s Workplace Wellbeing Group organised an annual workplace wellbeing conference from 2016 until 2022. When that came to an end, Chamber’s Positive Health and Wellbeing Forum took up the baton and organised its first Positive Health & Workplace Wellbeing Conference from November 2023.
EMMA WATTERSON, PROPOSITIONS ANALYST AT ZURICH WHO WAS PART OF A PANEL DISCUSSION ON HOW EMPLOYERS CAN BENEFIT BY ADAPTING TO CHANGING EMPLOYEE EXPECTATIONS
THE ZURICH TEAM AT THE CONFERENCE: BRIDGET BURWELL, ASHLEY FOULDS, KAREN MERCER, NIAMH COWIN AND CHRIS WELDON
MAC GROUP: ED WALTER, REBECCA NETTEN, AND TOM WILSON
THE ISLE OF MAN CHAMBER OF COMMERCE TEAM AT THE CONFERENCE. BACK ROW: REBECCA GEORGE, JOANNE POSEY, JAYNE KENNELL, AND CHRISTINA HUTCHINSON. FRONT ROW: JESSICA KITCHIN, NICK PLEDGER, PAOLA CRINGLE AND CAITRIONA ELLIS.
Appleby trainee called to Manx Bar
GARROOD (APPLEBY COUNSEL AND MENTOR TO JOSEPHINE), JOSEPHINE BELL AND HIS HONOUR DEEMSTER CORLETT
Appleby trainee Josephine Bell has been formally called to the Manx Bar. Josephine was officially sworn in as an Isle of Man Advocate by the Island’s First Deemster, His Honour Deemster Corlett.
Josephine graduated from the University of York where she studied Law before completing the Legal Practice Course at BPP University, Manchester. She then joined Appleby’s Advocate Training Programme in September 2022 where she undertook a two-year period of Articles and Manx Bar exams, passing the Manx Bar exam in 2023.
Josephine will now join the Isle of Man’s leading law firm as an Associate in Appleby’s Corporate department.
Garry Manley, Partner and Head of Corporate at Appleby Isle of Man, said: “We are absolutely delighted for Jo to reach this significant milestone in her career. Jo has excelled throughout her period of training, during which time she has obtained some excellent experience, having worked on several high-profile corporate deals, as well as a number of complex litigation cases. Jo is a highly valued member of our corporate team, and on behalf of the entire firm I wish her every success as she starts the next chapter of her legal career.”
Josephine, said: “Throughout my training contract at Appleby, I have been fortunate to receive unwavering support from my exceptional colleagues and I am incredibly proud to have now been called to the Manx Bar. I am truly grateful for the opportunity to work alongside such a talented team and am looking forward to continuing my career in Appleby’s Corporate department as an Associate.”
Sustainable Business Practice Added to UCM’s Masters’ Degree
With sustainable business practices and environmental accountability becoming even more important, University College Isle of Man (UCM) has added a new module, "Sustainable Business Practice," as part of its master's program.
This Level 7, 20-credit course will equip students who choose this module with the skills and knowledge to lead sustainable initiatives within their workplaces and beyond, positioning UCM at the forefront of environmentally conscious business education on the Island.
The Sustainable Business Practice module, led by industry expert Matthew Warren, who, as well as being a lecturer at UCM, co-founded sustainabilityorganisation Earthscope, challenges students to critically examine their workplaces through the lens of sustainability, analysing how company policies impact management and strategic decisions.
Students will engage with core concepts and
frameworks to help them build sustainable development into their professional goals and decision making. They will develop practical solutions that provide tangible organisational benefits to them, their organisations, and the biosphere. By analysing various definitions, frameworks and models of sustainability, students will learn to navigate the complex landscape of environmental management and identify effective strategies to mitigate risks and capitalise on opportunities.
UCM’s Higher Education Manager, Gail Corrin said: “This module is designed to address the urgent need for sustainable business practices in today’s world. Our goal is to empower students with the tools, techniques and critical thinking skills necessary to drive meaningful change in their organizations. Through this course, we’re not just teaching about sustainability – we’re fostering leaders who can implement it.
IFGL completes IOMA wealth book transfer
Manx based International Financial Group Limited (IFGL) has completed the deal to buy Isle of Man Assurance Limited (IOMA’s) wealth book of business.
At the start of the year, IFGL announced the deal, subject to regulatory approval, and this has now been received.
The book of business totals circa 2,000 policies and an AUM of over £400m, providing additional size
and scale to IFGL, which employs more than 500 people across its Douglas and Castletown offices.
The deal solely covers IOMA’s wealth book of business and does not include the acquisition of the company or the transfer of any staff to IFGL.
There are no material changes to any policy values, benefits or material changes to terms and conditions as a result of the transfer.
Lieutenant Governor hosts swearing-in ceremony for new magistrates
HIS EXCELLENCY THE LIEUTENANT GOVERNOR LT GENERAL SIR JOHN LORIMER; NEWLY APPOINTED MAGISTRATES: DANIEL BONETT, GRÁINNE BURNS, JAMES MYLCHREEST, RACHAEL CRINGLE AND KATIE FARRALL; AND HIS HONOUR THE FIRST DEEMSTER AND CLERK OF THE ROLLS, DEEMSTER ANDREW CORLETT.
On Tuesday 3 December at the Courts of Justice in Douglas, His Excellency the Lieutenant Governor Lt General Sir John Lorimer hosted the swearing-in of five new Magistrates (also known as Justices of the Peace or JPs). His Honour First Deemster Andrew Corlett officiated.
The new Justices of the Peace are Daniel Bonett, Gráinne Burns, James Mylchreest, Rachael Cringle and Katie Farrall. They were chosen through open recruitment, which began in Spring 2024.
Those being sworn in have already undertaken their initial training and have taken up duties on the Bench
KATHERINE
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.
Registrations open for The Alliance of Isle of Man Compliance Professionals Conference
The Alliance of Isle of Man Compliance Professionals (AICP), with lead sponsor PwC Isle of Man, invites Compliance Professionals and Directors with oversight for compliance, risk and governance within their businesses to register for the annual Manx State of the Nation (MSoN) conference on Friday 7 February 2025 at the Comis Hotel.
Colin Manley, Director at PwC Isle of Man, commented: “Manx State of the Nation remains the Isle of Man’s flagship compliance conference, bringing together professionals from across industries and supporting the maintenance of the island’s high standards of regulation. We are delighted to continue our work with the AICP and support them with a conference programme that consistently delivers important insights on the rapidly evolving risk environment.”
Gerry Ganly, AICP Chair, added: “It is hard to believe that 2025 sees the twentieth hosting of the MSoN. Some of you may have attended each one. We appreciate the ongoing support from PwC Isle of Man who are now in their eleventh year as lead sponsor. Colin Manley will deliver the results of a PwC EMEA AML survey which has had input from businesses on the Isle of Man.
“We look forward to welcoming people working at all levels and sub-sectors of the compliance profession and some of their senior management and director colleagues. Compliance knowledge across businesses enables those businesses.
“With registration and breakfast from 08.15, our Chief Minister, Hon Alfred Cannan MHK, will then deliver the opening address of the day. He will then be followed during the day by guest speakers fronting presentations and/or panel sessions on Proliferation Finance, Sanctions, Fraud, the Hazards of New Business for IoM Inc, a welcome to our new IoM Information Commissioner, and of course as ever, we will hear from the Isle of Man Financial Services Authority (IOMFSA). The conference will draw to a close at 4.45.”
Individuals can register for tickets on the AICP website until Monday 27 January 2025
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MANX STATE OF THE NATION REMAINS THE ISLE OF MAN’S FLAGSHIP COMPLIANCE CONFERENCE, BRINGING TOGETHER PROFESSIONALS FROM ACROSS INDUSTRIES AND SUPPORTING THE MAINTENANCE OF THE ISLAND’S HIGH STANDARDS OF REGULATION
Optimistic economic growth forecast for the Isle of Man
The latest Credit Opinion Update from international ratings agency Moody’s forecasts that the Isle of Man’s Gross Domestic Product (GDP) will grow by 3% in 2025 and a further 3% in 2026.
Published in December 2024, the report provides updated analysis of the Island’s economic and fiscal position and saw the Island’s credit rating and outlook remain at Aa3 stable, the same as the United Kingdom.
The Island’s real GDP growth has averaged an estimated 1.9% between 2013 and 2023. In 2020, the coronavirus pandemic pushed the economy into a rare economic contraction, although a robust recovery was recorded in 2021 and economic activity withstood the energy price and inflation shocks over 2022 and 2023.
Treasury Minister Dr Alex Allinson MHK said: “Our Island Plan and the Economic Strategy as approved by Tynwald are delivering real opportunities for individuals and businesses across our Island.
“2025 will see the launch of a Local Economy Strategy which will support and incentivise those small local businesses which form the foundation of our high streets.
“Significant private investment will also become more apparent through the Infrastructure Investment Scheme and the Chief Minister will be starting the year announcing a major initiative to increase Government efficiency and productivity.”
GOVERNMENT PORTFOLIO
Tynwald to consider long-term strategy and support for Island’s Local
Economy
The Isle of Man’s Local Economy Strategy will be considered at the January sitting of Tynwald. The Local Economy Strategy seeks 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.
Tynwald approval will also be sought to relaunch the Town and Village Regeneration Scheme to support the delivery of the Strategy, and provide financial assistance to improve the appearance of commercial premises and create civic amenity projects within the Island’s city, towns and villages.
Business Isle of Man, an Executive Agency within the Isle of Man Government’s Department for Enterprise, has submitted the 10 year Strategy to Tynwald after extensive consultation with the Manx public, local businesses and Local Authorities, following the publication of the draft Strategy in August 2024.
The Strategy is supported by an initial £2.4 million in funding, which businesses and Commissioners across the Island will be able to access. The consultation undertaken supported the guiding principles detailed in the Strategy and included a public survey, in-person feedback sessions and written responses from Local Authorities and trader groups.
Feedback evidenced that residents desire broader retail and leisure provision and that securing financial support for local businesses was crucial to delivering the Strategy’s desired outcomes. Consultees advised that reducing barriers to business and transforming vacant spaces should be strategic priorities.
An Implementation Plan supports the Strategy and progress will be measured and monitored against the desired outcomes of:
1. Reducing vacancy rates for empty shops across the Island by 10% year on year resulting in increased consumer choice and job growth.
2. Increasing footfall in Douglas and seven town and villages across the Island measured by footfall monitors.
3. Improving the attributes of the Island’s towns and urban areas - measured by, surveys, stakeholder engagement, and independent research.
Tim Johnston MHK, Minister for Enterprise commented: “I am pleased to bring forward the Local Economy Strategy and to relaunch the Town and Village Regeneration Scheme. Business Isle of Man has made sure that consultation with businesses, residents and Local Authorities has been at the heart of formulating the Strategy. This Strategy sets a clear vision and a roadmap to ensure the Island remains a great place to live and work in line with the ambitions of the Island Plan.
“This investment into our Local Economy is based on community-led decision making and the empowerment of Local Authorities. It is a call to action for Local Authorities, businesses, and residents to work towards the vision they have for their communities, and for the Government to show equal dedication to facilitating their efforts.”
The Strategy is supported by a proposal to relaunch and enhance the Town and Village Regeneration Scheme. This Scheme has the potential to stimulate significant improvements in commercial units across the Isle of Man and will provide financial support for investment in exteriors and interiors.
Subject to Tynwald approval, a new Local Economy Fund will enable the Strategy’s delivery. This fund will provide support to trader groups and Local Authorities, empowering them to trial new concepts and implement ideas that have the potential to generate footfall and breathe new life into the Island’s high streets.
The Strategy also proposes extending and broadening the Domestic Event Fund to stimulate, catalyse and de-risk events that increase high street footfall and encourage longer dwell times through events and pop-up shops.
TREASURY MINISTER DR ALEX ALLINSON MHK
Island’s Financial Services Authority committed to ‘Making a Difference’
The Isle of Man Financial Services Authority has underlined its commitment to supporting the Island’s reputation as a successful place to do business.
The Authority’s Annual Report for 2023/24 highlights how the organisation is strengthening its core activities and embracing technology to create the right environment to foster a thriving and sustainable economy.
The theme of this year’s report is ‘Making a Difference’ and captures the progress that has been made by the regulator in meeting its objectives of protecting consumers, reducing financial crime and maintaining confidence in the finance sector through effective regulation.
After a period of significant change, the current focus is on embedding the updated supervisory approach and organisational structure, as well as enhancing data collection and analysis.
The report explains how the Authority is targeting resources in line with a firm’s size, the type of activities it conducts and its potential to disrupt the Island’s financial system. The aim is to deliver better outcomes by driving a consistent and proactive programme of supervisory engagement.
Work is being underpinned by the increased use of data and innovative ways of working, with a view to achieving greater automation, straight-through processing and exception reporting.
A firm focus is placed on working collaboratively with industry and Government in the best interests of the Island. This includes efforts to demonstrate the long-term effectiveness of the Island’s anti-money laundering and countering financial crime (AML/CFT) regime ahead of its next MONEYVAL evaluation.
The annual report, which covers the period 1 April 2023 to 31 March 2024, also sets out the Authority’s financial statements, in addition to providing updates on priority workstreams and an insight into future plans.
Lillian Boyle, Chair of the Authority’s Board, said: “As a forward-looking regulator, we acknowledge the need to recognise and prepare for emerging risks and new opportunities. We take account of the likely direction of international standards, the potential impacts of geopolitical changes in the markets where our firms operate and the pace of change in technology and innovation. This influences our strategic approach and helps the Authority to make a positive difference to the Island’s position as a wellregulated and successful jurisdiction.”
Bettina Roth, Chief Executive Officer, added: “We are embedding a programme of transformational change at the Authority to ensure we operate as effectively as possible into the future. We are committed to continuous improvement and instilling a culture of high performance. Collaboration remains central to our ambitions, and it is essential for the regulator, industry and Government to work together on behalf of the Island, particularly during such unpredictable times.”
Isle of Man steps up access to beneficial ownership register
The Isle of Man Government has acted on a commitment - made in line with the other Crown Dependencies - to allow access to details around beneficial ownership by the end of 2024.
The change was confirmed when Treasury Minister Dr Alex Allinson MHK received the support of Tynwald in making the Beneficial Ownership (Obliged Entities Access) Order 2024 at the December sitting.
The Order makes provisions to allow for people or bodies carrying out business or activity to which the Anti-Money Laundering and Countering the Finance of Terrorism Code applies, or a business to which the Gambling (Anti-Money Laundering and Countering the Financing of Terrorism) Code 2019 applies, to access the Island’s Beneficial Ownership Register.
The Order forms part of the joint commitment alongside the other Crown Dependencies to introduce access to beneficial ownership for ‘Obliged Entities’ by the end of 2024.
Minister Allinson said: ‘Clearly, it is very helpful for those conducting business with other companies or entities to be able to undertake due diligence checks into the beneficial owners of those companies. These
new rules will allow for those checks to be more comprehensive, and allow for businesses to gain a fuller understanding of the individuals and businesses they are dealing with through access to our Beneficial Ownership Register.’
The Treasury Minister also took the opportunity to update Tynwald on the progress being made more broadly to expand access to beneficial ownership information, in line with Government’s commitment.
He added: ‘We have also committed to set out our plans as to how we can further increase access to the Beneficial Ownership register, for those who have what is known as a Legitimate Interest. Legitimate Interest is generally taken to refer to investigative journalists and civil society groups who have an interest in combating money laundering and illicit finance more broadly.
‘There is currently no international standard in this policy area, so we are awaiting developments in the EU as they build on the framework they have set out in the Sixth Anti-Money Laundering Directive to give further detail as to how this would work in practice. Once that is more clearly defined, we will take the necessary steps to allow for similar access in the Isle of Man.’
Isle of Man credit rating maintained in Moody’s review
Treasury Minister Dr Alex Allinson MHK has welcomed the periodic review on the Isle of Man Government’s financial standing from the international credit ratings agency Moody’s.
The report provides updated analysis of the Island’s economic and fiscal position and sees the Island’s credit rating and outlook remain at Aa3 stable, the same as the United Kingdom.
Moody’s notes the Island’s credit strength, diverse economy and substantial reserves in the Credit Opinion Update report. Pragmatic policy-making is also highlighted as a particular strength, along with a prudent and forward-thinking fiscal approach.
While challenges are identified in terms of being vulnerable to global economic volatility, the report remarks on the Island’s robust recovery since 2021 and
highlights the Economic Strategy’s plan to leverage investment of £1 billion domestically over 10-15 years.
Treasury Minister Dr Alex Allinson MHK said: “I welcome the latest review from Moody’s which, as always, provides a thorough independent assessment of the Isle of Man’s economic position.
“The Treasury’s efforts to reduce a reliance on reserves in recent years is acknowledged and this remains a key priority as we approach February’s Budget announcements. The Island isn’t alone in facing sustained financial challenges, particularly around the rising cost of health and social care. We are, however, able to continue working from a firm economic base - as the report makes clear- with the forecast of positive economic growth and a resilient and diverse economy.”
Innovative low-impact fishing methods show promise in Manx waters
Two pioneering fisheries initiatives in Manx waters are gaining momentum, with pre-Christmas landings and promotions of the sustainable seafood showcasing early success.
The initiatives, supported by the Isle of Man Government and the Manx Fish Producers Organisation (MFPO), focus on king scallops and langoustine, harvested using low-impact pot fishing techniques rather than traditional dredging and trawling. This approach significantly reduces environmental impacts and provides a higher-value product, aligning with the Isle of Man Fisheries Statement and the recently approved Food Security Strategy.
The innovative Scallop Light Pots, developed by UK company FishTek Marine, use LED lights to attract
scallops into specially designed pots. Permitted trials along the west coast, including in two Marine Nature Reserves, which are typically closed to towed fishing gear, have demonstrated their ability to deliver highquality, sustainably-harvested scallops.
Similarly, pot fishing for langoustine using traditional baits such as mackerel and herring—a technique already established elsewhere—has been underutilised in Manx waters due to quota restrictions and trawler competition.
However, recent agreements with the UK have secured quota increases in both langoustine and herring, while the closure of 211 km² of critical habitats for conservation and blue carbon research has opened new opportunities for a low-impact langoustine industry.
Innovation Challenge 2025 applications open for solutions driving tech
Announced at Digital Isle 2024, global tech companies are being invited to enter the Isle of Man’s third annual Innovation Challenge, a competition seeking transformative solutions in FinTech, Cleantech, and Data & Artificial Intelligence (AI).
The Innovation Challenge has officially opened applications for its 2025 cohort, welcoming businesses and organisations worldwide to present groundbreaking solutions that tackle specific challenges and foster the growth of technological innovation in the Isle of Man.
Organised by the Isle of Man Department for Enterprise’s Executive Agencies - led by Digital Isle of Man and in collaboration with Business Isle of Man and Finance Isle of Man - this Challenge offers a platform for global innovators to engage with government bodies, regulators, and local businesses.
The cohort will gain access to the island's dynamic tech ecosystem and its unique status as a UNESCO Biosphere, creating valuable opportunities to scale solutions that deliver tangible, positive impact for both the island and the innovators involved.
Applications are being accepted until 28 February across the FinTech, Cleantech, and Data & AI categories. Participants are invited to explore transformative solutions in areas such as AI-driven tourism and data integrity, sustainable energy and eco-efficient supply chains, and advancing customer engagement, sustainable
investing, and nature-positive financial systems.
Winners will be recognised in four key categories: Data & AI, FinTech, Cleantech, and a special Biosphere Award, which will honour the finalist who demonstrates the greatest commitment to positively contributing to the Biosphere.
Since its inception, the Innovation Challenge has attracted over 130 businesses from more than 20 countries, with past winners delivering trailblazing solutions.
Last year’s winners included re-universe, in the Cleantech category, for their packaging return and reuse system. Acentrik (Mercedes-Benz) were the winners of the Data and AI category for their leading data exchange solution. Umazi were winners of the Fintech category with their solution designed to address challenges related to client data and on-boarding for businesses. The Biosphere category winner was 4Learn for their innovative PLAI software, which offers customised learning solutions in education.
Since winning, all four winners have benefited from strengthened relationships with government bodies and valuable industry guidance, which has supported their continued growth and development, both on-Island and in the industry.
The Challenge will undergo a rigorous selection process in March 2025 following the application
deadline, when 16 finalists will be selected based on their ambition, market potential, and scalability. Over the following months, the cohort will work to further develop their solutions to meet the Island’s pressing needs, before presenting them at the Innovation Challenge Finale Day on Thursday 26 June 2025.
The 2024 Innovation Challenge Finale event featured keynotes from renowned experts, including Professor Sue Black OBE, a computer scientist and AI expert, and Mike Rose, a leading data strategist.
Minister for Enterprise Tim Johnston MHK said: “The Innovation Challenge is about bringing forward solutions with real-world applications and benefits. By connecting innovators with government and industry leaders, we’re advancing technology and sustainability, core tenets of our Island Plan and Economic Strategy.”
In addition to gaining local and international visibility, winners of the 2025 Innovation Challenge will receive extended access to a dynamic network of mentors, potential investors and regulatory guidance for six months, enabling them to further develop their solutions.
Applications for the 2025 Innovation Challenge are now open to businesses worldwide, with the Isle of Man welcoming solutions that align with its tech and sustainability ambitions. For further details and to apply, visit www.innovationiom.com.
CHAMPION HOUSE SUITE TO LET
A modern office suite in a great Isle of Man location
A modern Office Suite is now available at our prestigious Champion House offices in Tromode, Douglas.
Situated in an established business park, in landscaped grounds adjacent to the Millennium Wood, the modern building is accessible within 20 minutes by car from Castletown, Peel and Ramsey. Avoid the morning queues and traffic lights into central Douglas, and add an hour or two each week to leisure time in our beautiful island!
1,504 sq ft (140m2)
| Beam vacuum system From
| Extensive car park spaces available
| Gents, ladies and disabled WCs
| Landscaped gardens on three sides
| Outdoor seating areas
| Otis lift
| Kitchens, breakout rooms
| Fibre connections with MT and Sure
| Extensive network cabling, door access control systems
| Double-glazed, 3-phase electricity
| Oil fired heating, fresh air ventilation system on first floor
| E-bike park with charging
Licence to explore Manx waters for oil and gas is extended
A two-month extension has been granted to Crogga Limited to search for oil and gas in Manx territorial waters.
The Department of Infrastructure originally issued the company with a Seaward Production Innovative Licence in October 2018.
Such licenses are divided into three exploration phases:
• Phase A - geotechnical studies and geophysical reprocessing
• Phase B - 3D seismic survey and acquiring other geophysical data
• Phase C - exploratory drilling
The licence term commenced on 1 January 2019 at Phase B, which includes undertaking a 3D seismic survey, prior to moving to exploratory drilling in Phase C.
Crogga Limited subsequently applied to vary the conditions of the original licence – which is due to expire today (Friday 20 December 2024) – but agreement could not be reached between the parties and the application has been withdrawn.
A two-month extension has this week been agreed between the parties to conclude discussions around other outstanding matters before a new licence end date can be established.
Chief Minister attends BIC Summit
The Chief Minister Alfred Cannan MHK represented the Isle of Man Government at the British-Irish Council Summit in Edinburgh last month. Heads of government and ministers from across the UK, Ireland and the Crown Dependencies gathered to discuss matters of mutual interest, including the transition to renewable energy.
The Chief Minister said: “The Isle of Man participates in the British-Irish Council as one of the eight member administrations. As a forum for constructive and focussed discussions in matters of mutual concern it is uniquely valuable for the Island. I get the opportunity to meet one-to-one with other leaders which is beneficial in putting across the Island’s views on current issues, but also raising our profile more generally.”
The Summit, hosted by the Scottish Government, was the 42nd to be held and marks the 25th anniversary of the Council’s first meeting in London in December 1999.
The British-Irish Council is an intergovernmental organisation established in 1999 under Strand 3 of the Belfast/Good Friday Agreement (1998). Its Member Administrations are the UK Government, the Government of Ireland, the Scottish Government, the Welsh Government, the Northern Ireland Executive, the Isle of Man Government, the Government of Guernsey and the Government of Jersey.
The purpose of the Council is to promote collaboration, dialogue, and cooperation and to serve as a platform for discussing issues and strengthening relationships.
Up to 1,000 affordable homes could be provided over the next ten years
DAVID ASHFORD MHK, CHAIR OF THE HOUSING AND COMMUNITIES BOARD
A government commitment to support the provision of up to 1,000 affordable homes over the next ten years is being considered at Tynwald.
The programme to build, provide or facilitate affordable homes would start in April 2025, subject to Tynwald approval, if Members vote to receive the Housing and Communities Board Policy Response to the Island’s first Objective Assessment of Housing Need (OAHN).
Provision of the homes would be based on ongoing monitoring of housing needs and will depend on funding, development sites, and construction resources.
The Chair of the Housing and Communities Board, David Ashford MHK, said: “The Board’s Policy Response recognises that while much needs to be done from a policy perspective, residents want to see an increase in the availability of affordable and general housing.
“There is no quick fix to ease the pressure on the need for suitable housing, but the Board aims to improve conditions significantly by the end of the current administration, enabling the government to deliver housing programmes that improve people's lives.
“The Board continues to explore important aspects of housing provision, including eliminating homelessness, reviewing current shared equity schemes for first time buyers, and how to deal with the number of empty properties across the Island.
“This policy response is a dynamic document that takes into account the Board's priorities, related objectives in the Island Plan and Economic Strategy, recommendations from the Tynwald Select Committee on Poverty, and input from other government areas and Tynwald during the past two years.”
The OAHN was commissioned by the Board to analyse and report on the Island’s current and future housing needs. The objectives of the housing policy framework are to ensure safe, affordable and accessible housing for all Island residents. Policy proposals also include:
• Potential introduction of an independent Housing Association in April 2025. This would function as landlord for the Department of Infrastructure. Later the organisation could develop a structure to increase housing supply and development, and provide specialist services to prevent homelessness and to support Health and Social Care improvement plans.
• A proposed programme to re-use of 48 empty public sector properties on the Island.
• A commitment with a financial plan to confirm over the next 12 months at least two government sites, or one large multi-use site, for supported living accommodation.
Short-term goals for government-supported housing include fixing ageing public sector housing that can't be used because of the costs for vital repairs.
Consultation launches for views on proposed changes to how elections are run
Public views are being sought on proposals to update and improve procedures for national and local elections.
A consultation launches today (5 December) for feedback on changes to the Elections (Keys and Local Authorities) (Amendment) Bill 2024. The intention is to have the amended legislation in place in time for the House of Keys General Election in September 2026.
The Bill aims to address issues identified with the Elections (Keys and Local Authorities) Act 2020, which was first implemented during the 2021 House of Keys election. Following the election, feedback from stakeholders highlighted several areas that could be improved. Some of these improvements require legislative amendments to correct issues, update the 2020 Act, and implement new initiatives approved by Tynwald. The amendments, if passed, will mean:
• Voters can cast their vote at any polling station within their constituency
• Candidates, political parties or community
organisations will be able to arrange pre-election meetings in-person or online at times and locations that work best for their local community.
• All candidates’ declarations of relevant interests will be published in advance of an election.
IOM Constabulary will support Deputy Returning Officers to address anyone committing a breach of the peace, or any offence, during an election.
• Tellers would not be bound by the requirement of secrecy so that they can lawfully perform their role.
• Changes to how investigations by Tynwald and the House of Keys could trigger the removal of an elected official from office.
• Clarifying the definition of ‘election regulations’ to be clear that they relate to either national or local authority elections.
The consultation can be completed online and closes at midnight on Wednesday 29 January 2025. It takes approximately 15 minutes to answer all the consultations questions.
Major capital schemes planned in housing, health, infrastructure
Tynwald were due to be asked to approve £16.3 million in capital funding for investment in housing, health and infrastructure at the first sitting of 2025.
The three projects represent a significant investment in line with the objectives of Our Island Plan and Economic Strategy.
The total figure represents:
• £6m - Radcliffe Villas replacement respite facility
• £5.3m - Ballacubbon Housing Project
• £5m - Airfield Drainage Improvement Scheme
The redevelopment of Radcliffe Villas, an Adult Learning Disability Respite Unit in Douglas, will provide modern, accessible and high-quality care for vulnerable adults. The current accommodation is outdated and no longer meets the needs of its residents.
The new 12-bedroom facility will include en-suite rooms, ceiling track hoists, fully-equipped disabled bathrooms and office facilities for staff.
Health and Social Care Minister Claire Christian MHK said: “This essential funding will help us create a new, sustainable and modern facility. The project is crucial for ensuring the continued delivery of effective respite services, supporting families and carers in the community, and aligning with the Island Plan’s vision of an Island of Health and Wellbeing.”
The Ballacubbon Housing Project in Colby has been overseen by the Department of Infrastructure’s Housing team and will see the construction of 20 two-bedroom properties: seven houses and four apartments for firsttime buyers, plus five bungalows and four apartments for public sector rent.
Infrastructure Minister Michelle Haywood MHK said: “Constructing homes is a key component in meeting the aims of the Economic Strategy and the project in Ballacubbon will mark a significant step towards meeting the needs of the local community.”
The Airfield Drainage Improvement Scheme is designed to enhance the operational resilience and safety of the airfield. It will refurbish and improve the drainage on the airfield, which will reduce surface water flooding. Additionally, the scheme will improve the Runway End Safety Areas (RESA) to support aircraft in the event any leave the paved surfaces.
Minister Haywood added: “Isle of Man Airport is a strategic infrastructure asset and maintenance of this kind is essential to the facility’s continued safe operation while adhering to regulatory requirements.”
Future strategic
approach for air services to be considered by Tynwald
A proposed policy position and strategic approach which aims to secure the Isle of Man’s air connectivity will be considered at the January sitting of Tynwald.
The Strategic Air Services Policy proposes that the Island upholds the overarching principle of Open Skies while enabling Government intervention in the Air Services market to the extent necessary for the social and economic wellbeing of the Isle of Man.
The strategic framework sets out the broad approach to making more effective use of commercial levers with the aim of delivering longer term security and surety across core, strategically important routes, as well as increasing regional connectivity to drive growth in passenger numbers and ensure the Island remains well connected on a year round basis.
The 2024-25 Island Plan outlined connectivity as a core area of focus for the year. Bringing forward this Policy and strategic approach represents a clear commitment by Government to ensure that there is access to regular and reliable air services which will support the Isle of Man remaining an attractive place to live, work and invest.
Tim Johnston MHK, Minister for Enterprise, commented: “The Island’s connectivity by air is a matter of strategic national importance. Reliable, frequent, and attractive air links are vital for the Island’s long-term
support their quality of life, including access to essential off-Island healthcare. Economically, strong links to key business hubs are essential for maintaining the Island's reputation as a good place to do business. Reliable air links are also crucial for attracting and retaining skilled workers and supporting the visitor economy.
“The pandemic severely impacted the global aviation industry, and the Isle of Man was no exception. Since then, Government intervention has been necessary to ensure the viability of strategically important routes to and from the Island. Whilst this intervention to date has secured a level of connectivity on core routes, a longer-term approach is required to ensure that the Island remains well connected into the medium to long term and to provide similarly stable and secure links weekly on key regional routes all year round.
“This Policy has been developed over several months and has been informed by discussions held across a number of stakeholder groups. It brings forward a clear framework and approach for the Island, which consolidates core routes as well as a broader network of regional routes.
“Island residents expect dependable air links that
“Subject to Tynwald support, the ambition of this Policy is to enable more informed commercial discussions with airlines and provide much needed surety and security of our air routes on a year round basis, for residents and visitors alike.”
FEATURES PORTFOLIO
EXCLUSIVE EVENT SHINES LIGHT ON REGULATORY SECTOR
FROM THE INTRICACIES OF CONSENT TO DATA SUBJECT ACCESS REQUESTS AND THE EXPERIENCES OF MODERN SLAVERY ON OUR DOORSTEP, A THOUGHT-PROVOKING AGENDA MADE THE DQ REGULATORY UPDATE SEMINAR A COMPELLING EVENT.
Attended by more than 100 invited delegates, the recent conference at the Comis Hotel provided a crossindustry platform for a morning of knowledge-packed sessions and actionable advice from influential figures in the compliance and legal community.
An exclusive event for clients, it was organised by the firm’s Regulatory & Compliance Advisory team.
Among the speakers was a member of the DQ team, Senior Regulatory and Compliance Advisor Kathryn Sharman, who reflected on a significant UK data protection judgment and explored how to balance the competing rights of individuals in responding to data subject access requests.
That session was preceded by a presentation from London-based barrister Pavlos Panayi KC who outlined the intricacies of consent.
A specialist in business crime, bribery and corruption; financial regulatory and international criminal law, he spoke about the risk of tipping off and how to manage the process, including the role of Artificial Intelligence.
Another informative session was led by local advocate Maria Bridson, who has determinedly campaigned for the preservation of human rights and the protection of the vulnerable in modern slavery cases in the Island.
Representing Bridson Halsall Advocates, Maria shared some of what she has encountered in providing legal representation to those who are marginalised, often working without financial compensation. Her work has given people the chance to rebuild their lives free from exploitation and abuse.
The final session of the seminar saw financial crime lawyer, Ben Cooper, address the potential implications of the UK Economic Crime and Corporate Transparency Act for the Isle of Man.
A member of TLT’s economic crime compliance team, he explained what firms need to know and how they should be prepared.
DQ’s Head of Regulatory & Compliance Services, Sinead O’Connor, thanked both the speakers and attendees.
‘It is now a decade since our R&C department was formed, during which time we have supported a variety of clients with specialist advice across a range of areas.
‘In fact, the number of business professionals who attended this seminar speaks volumes for both the
respect in which our team - with more than 40 years of compliance experience in the financial services sector - is held, as well as our professional counterparts, both on and off Island, who joined us.
‘Together we shared a knowledge of critical topics and connected with others who also share a commitment to addressing them. To have such expertise and high-calibre speakers in one room was truly invaluable.’
Kathryn added: ‘In today's dynamic business environment, to be able to bring together compliance, risk and legal professionals in one place to collaborate, share insights and best practices, as well as explore the latest trends in ethics and compliance, was both enlightening and rewarding.
‘The event highlighted the trust our clients place in high quality, experience led, practical and pragmatic compliance advice.’
In her closing remarks, Sinead officially welcomed Caitlin Gelder to DQ’s Regulatory & Compliance advisory team as a Regulatory and Compliance Advisor.
She said her industry experience, passion for compliance and self-motivation made her an ideal asset to the team.
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TOGETHER WE SHARED A KNOWLEDGE OF CRITICAL TOPICS AND CONNECTED WITH OTHERS WHO ALSO SHARE A COMMITMENT TO ADDRESSING THEM. TO HAVE SUCH EXPERTISE AND HIGHCALIBRE SPEAKERS IN ONE ROOM WAS TRULY INVALUABLE
MEMBERS OF THE DQ R&C TEAM: CAITLIN GELDER, SI NEAD O’CONNOR, CHRIS JENNINGS, KATHRYN SHARMAN
INTERNATIONAL BANK
TOP CEOs NAVIGATE GLOBAL TURBULENCE BY BETTING BIG ON AI AND TALENT
TOP CEOS ARE BACKING THEIR BUSINESSES TO P ROSPER IN THE FACE OF DECLINING CONFIDENCE IN THE GLOBAL ECONOMY, A KPMG SURVEY OF MORE THAN 1,300 CORPORATE LEADERS FROM ACROSS THE WORLD FINDS.
The research reveals that 92% of CEOs plan to boost employee headcount over the next three years, the highest proportion since 2020. This hiring optimism persists despite 72% of CEOs feeling increased pressure to ensure their businesses’ long-term prosperity.
Dermot Dempsey, Territory Lead Partner at KPMG in the Crown Dependencies said: “Over the last ten years, CEOs have sought to create confidence in a number of ways, notably increasing investment in innovation and tech, placing people at the heart of growth strategies, and renewing their commitment to ESG and sustainability as a source of value creation.
“Top threats to growth have shifted, with CEO’s citing supply chain challenges and operational issues ahead of cyber security and last year’s number one threat – geopolitics and political uncertainty.”
Investing in innovation: AI front and centre as the urgency around adoption accelerates
Behind economic uncertainty (53 percent), the race to embrace artificial intelligence (50 percent) is the issue most top of mind for CEOs today. It is clear that most leaders are reaffirming their commitment to increase investment in innovation and technology, including AI, as a driver of growth.
Indeed, 64 percent identified AI as their top investment priority in 2024 – though most are looking at it as an investment that will pay off in the medium term, with 63 percent expecting to see a return on their investments within the next three to five years.
Marco Vassallo, Partner, Digital Solutions, KPMG Islands Group said: “AI is poised to revolutionise island
communities by addressing their unique challenges and unlocking new opportunities.
“AI-powered predictive analytics can help island businesses optimise their operations, such as supply chain management and inventory control. Additionally, AI-driven personalisation can enhance customer experiences, leading to increased satisfaction and loyalty.
“By leveraging AI, island communities can improve their economic competitiveness, attract investment, and create a more sustainable future. AI-driven training and upskilling programmes can equip the workforce with the necessary skills to thrive in the digital age, addressing skill shortages and future-proofing jobs.
“This is crucial for addressing the unique challenges faced by island-based operators with limited local markets and resources, enabling them to tap into global markets and compete effectively by increasing efficiency and productivity through automation and optimisation.
“To fully realise the benefits of AI, it is essential for island communities to conduct thorough AI readiness assessments. These assessments will evaluate the maturity of the organisation or sector with respect to AI, identify potential challenges, and develop a roadmap for successful AI adoption. By taking a proactive approach to AI readiness, island communities can ensure that they are well-positioned to harness the power of AI and drive sustainable growth.”
Despite this, CEOs remain aware of the risks that the rapid push to implement new technology presents.
Well over half (61 percent) of CEOs cited ethical challenges as some of the most difficult to address
when implementing AI within their business, while a lack of regulation (50 percent) and technical skills and capabilities (48 percent) were other areas of concern.
Finally, while 76 percent of CEOs believe that AI will not fundamentally impact the number of jobs in their organisation, only 38 percent felt that their employees have the right skills to fully leverage the benefits of AI. 58 percent agree that the integration of generative AI has made them rethink the skills required for entry-level roles.
Committing to ESG: navigating increasing politicisation in some countries
The past decade has also seen CEOs renewing their commitment to ESG and sustainability as a source of value creation.
In 2015, CEOs ranked environmental risk as their least concerning priority risk; fast forward to 2024 and almost a quarter (24 percent) acknowledged that failing to meet ESG expectations could give their competitors an edge.
Arnaud van Dijk, Head of ESG, KPMG Islands Group commented: “In our islands, we have recently seen firsthand the encouraging shift of many CEOs prioritising sustainability, with most planning to formalise their ESG strategies within the next two years.
“At the same time, many corporates in our region indicate that they are grappling with meeting the sustainability reporting requirements. Reporting in a meaningful way to stakeholders is taking up significant resources.
“The exciting opportunity now is unlocking the full potential of ESG - turning these strategies into real value that drives both meaningful impact and long-term business success."
Despite the increasing politicisation of the ESG agenda in some countries, leaders are particularly sensitive to the impact ESG issues can have on trust and the reputation of their organisation.
Three quarters (76 percent) of CEOs said they would be willing to divest a profitable part of the business that was damaging reputation, while 68 percent of CEOs say they would take a stance on a politically or socially contentious issue, even if the Board raised concerns with them doing so.
In response to growing stakeholder and external pressures, CEOs also appear to be shifting in how they communicate their ESG efforts. In this year’s global survey, 69 percent of CEOs revealed that while they’ve retained the same climate related strategies over the last 12 months, they’ve adapted the language and terminology they use to meet changing stakeholder needs.
Tellingly, as we head into 2025, 30 percent say the greatest barrier to achieving their climate ambitions is the complexity presented by the decarbonisation of their supply chain – an issue further compounded by current geopolitical tensions around the world and activities impacting major global trade routes.
DERMOT DEMPSEY, TERRITORY LEAD PARTNER AT KPMG IN THE CROWN DEPENDENCIES
TOUGHER REGULATIONS DRIVING NEED FOR BETTER AML & CYBERSECURITY TRAINING
REGULATORY NON-COMPLIANCE IS BAD NEWS FOR ANY BUSINESS OR BRAND. PAYING A BIG FINE IS ONE THING, BUT THE COST OF REPUTATIONAL DAMAGE –PLUS THE IMPACT ON CUSTOMERS AND EMPLOYEES – IS EVEN MORE SERIOUS. IN THIS ARTICLE ROB KINRADE, CHIEF EXECUTIVE OF RISK MITIGATION FIRM EXPOL AND A FORMER POLICE DETE CTIVE, EXPLAINS WHY A REGULATORY LANDSCAPE WHICH BECOMES TOUGHER BY THE DAY IS MAKING BUSINESSES RETHINK THEIR APPROACH TO TRAINING.
We’ve all seen the news headlines when a business is hit by a big fine for breaching AML, cybersecurity or other regulations. Every report and headline – and the damage it creates in terms of the public image of the business or brand concerned – is a stark reminder of why it’s essential to make sure employees have the best possible training about these complex issues.
Of course, it’s always been important to equip employees with the skills and knowledge they need, but with the direction of travel in most sectors being towards tougher regulations and bigger fines, specialist professional training is now more important than ever.
In the UK, news channels regularly feature businesses that are counting the cost of breaching regulations. Recently the Financial Conduct Authority fined Starling Bank £29million for what the FCA’s Joint Executive Director of Enforcement and Market Oversight described as ‘shockingly lax’ screening controls. It’s interesting to note that the fine would have been over £40million had the bank not been given a discount by the FCA for agreeing to resolve matters that were highlighted during the investigations.
In a world saturated with news and social media coverage, firms also have to be aware of the risks posed by complaints from customers which then prompt investigations by journalists. Revolut was in the media spotlight recently [October] when a BBC investigation focused on customer complaints made to Action Fraud (the UK’s national fraud and cybercrime reporting centre). Putting aside views about this specific case, it is a good example to show it’s not only regulators who have the power to put businesses under scrutiny about compliance issues.
Whether it’s investigations by regulators or journalists, every case will have its own unique set of circumstances. Having said that, professionals who provide risk mitigation and compliance training can see three broad trends in the UK and other regulated jurisdictions. All of these trends are important to note when managers and employers are reviewing training provision, especially for individuals who have mission critical roles relating to compliance.
Firstly, regulators are taking a tougher stance
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THE CHALLENGES OF COMPLIANCE ARE INCREASING, NOT ONLY BECAUSE OF THE COMPLEXITY OF LEGISLATION, REGULATIONS AND GUIDANCE, BUT ALSO DUE TO THE SOPHISTICATION OF AI TECHNOLOGY WHICH IS MAKING IT INCREASINGLY DIFFICULT TO IDENTIFY CYBER CRIMINALS WHO POSE AS BONA FIDE, LAW-ABIDING CUSTOMERS
against firms to ensure that businesses are held to account for breaches.
Secondly, news and social media coverage about big fines being imposed – or regarding investigations by journalists – is being used to send out a warning to other businesses of the risks they face for breaching regulations. UK regulators, for example, abide by the long-established principal within the legal profession that justice must not only be done, it must be seen to be done. In this context news media coverage about fines or other penalties acts as a deterrent to others about the consequences of non-compliance. The days when a business could be fined and it would pass under the news media’s radar are long gone.
Thirdly, the challenges of compliance are increasing, not only because of the complexity of legislation, regulations and guidance, but also due to
the sophistication of AI technology which is making it increasingly difficult to identify cyber criminals who pose as bona fide, law-abiding customers. This is particularly important in the financial sector where KYC (know your customer) compliance is vital.
These trends all highlight the importance, and value, of investing in expert, professional training to reduce the risk of hitting the headlines for all the wrong reasons. It’s also worth noting that even if a business is fined, some degree of mitigation can sometimes be gained if the firm can demonstrate to the regulator that everything reasonably possible was done to ensure compliance.
Summary
Reputations are hard to build and easy to destroy –especially in a world where online communications can spread bad news faster than ever before. However, the headlines and news reports only tell part of the story. Whether it’s sanctions by regulators or trial by news media, such cases will involve a great deal of anxiety and stress for everyone within the business involved in the investigations, and those who have to work hard to put matters right. Investigations by regulators in the UK financial services sector can go on for a year or more, the time it takes to repair the damage takes much longer.
Most people who have had the misfortune of being on the wrong end of investigations and fines for noncompliance will tell you that they have some regrets about what could have been done to prevent this outcome. Sadly, as it is in the home insurance business, sometimes the value of investment in training is only realised after the roof has fallen in.
BIO
Rob Kinrade is Chief Executive of Expol, an Isle of Manbased business which has been providing risk mitigation and compliance training since 2005. Rob’s role at Expol utilises his 20+ years of experience as a police officer, during which time he rose to the rank of Detective Inspector and served as a UK Home Office trained Senior Investigating Officer.
ROB KINRADE, CHIEF EXECUTIVE, EXPOL
OUTSOURCING AS A TURNKEY SOLUTION FOR EGAMING COMPANIES IN THE ISLE OF MAN AND BEYOND.
AS THE ISLE OF MAN CONTINUES TO SOLIDIFY ITS REPUTATION AS A LEADING HUB FOR REGULATED EGAMING OPERATIONS, BUSINESSES IN THE SECTOR REMAIN UNDER INCREASING PRESSURE TO STAY COMPETITIVE, SCALE EFFICIENTLY, AND MEET THE EVER EVOLVING DEMANDS OF CONSUMERS AND REGULATORS. OUTSOURCING IS A STRATEGIC SOLUTION FOR EGAMING OPERATORS AND SATELLITE SUPPORT BUSINESSES, OFFERING A WAY TO STREAMLINE OPERATIONS, REDUCE COSTS, AND ENHANCE SERVICE OFFERINGS WHILE MAINTAINING COMPLIANCE WITH REGULATORY ENVIRONMENTS.
For Isle of Man licensed eGaming companies and especially B2B suppliers, SOPHI Outsourcing has developed a suite of services as tailored white label turnkey solutions that empower businesses to focus on growth while outsourcing support services and functions alike.
From customer support to technical operations, SOPHI’s scalable outsourcing services help businesses optimise their operations and meet the needs of their players, all while maintaining their brand identity and regulatory standards.
Tailored Outsourcing Solutions for eGaming Operators
The Isle of Man has long been recognised as one of the most respected jurisdictions for eGaming, offering a robust regulatory framework, tax advantages, and a
highly skilled workforce. For eGaming businesses based on the island, whether licensed operators or satellite support service, SOPHI Outsourcing offers a comprehensive suite of white label services that enable companies to manage operations seamlessly.
SOPHI’s expertise lies in offering fully integrated outsourcing solutions that align with the specific needs of the eGaming sector. With three centres, and a newly established presence in Douglas, SOPHI is uniquely positioned to help eGaming companies expand their service offerings while maintaining compliance with the regulatory requirements. Whether you're a startup looking for a quick and efficient launch or a mature operator aiming to enhance operational efficiency, SOPHI provides the tools and resources needed to scale effectively.
White Label Outsourcing: Empowering eGaming Businesses
SOPHI’s white label outsourcing services allow eGaming companies to enhance their customer experience without the burden of hiring and managing additional staff. As an invisible extension of your team, SOPHI handles critical, non core operations under your brand, ensuring that customers receive high quality services while you focus on your core business.
For eGaming licensees, SOPHI can manage a wide range of functions, including:
• Customer Support: SOPHI offers 24/7 multilingual customer support via live chat, email, and phone. This allows operators to provide around the clock service to players, addressing queries, issues, and disputes in real time.
• Back Office Operations: From data entry to payment processing and transaction support, SOPHI streamlines back office functions, freeing up your internal resources to focus on more strategic tasks.
• Content Moderation: SOPHI helps eGaming companies maintain a safe and engaging environment for players by moderating content and ensuring compliance with local laws and platform policies.
• Technical Support: SOPHI provides end-to-end technical support, assisting players with any platform related issues while ensuring that your systems remain operational and secure.
By outsourcing these functions to SOPHI, eGaming operators can enhance their service offerings without the risk and costs associated with recruitment, training, and retention.
Navigating Regulatory Compliance
The Isle of Man is known for its robust regulatory framework, which requires eGaming operators to meet strict standards regarding player protection, data security, and responsible gambling. SOPHI understands the complexities of operating in this highly regulated environment and ensures that its outsourcing services are fully compliant with Isle of Man Gambling Supervision Commission (GSC) regulations.
SOPHI’s team is experienced in working with regulated industries and is well versed in the specific compliance requirements of eGaming businesses operating in the Isle of Man. From ensuring the secure handling of sensitive player data to providing reports for regulatory audits, SOPHI’s services are designed to help businesses navigate the compliance landscape with ease.
Scalability and Flexibility - Meeting the Demands of the eGaming Industry
One of the biggest advantages of partnering with SOPHI for your eGaming business is the scalability and
flexibility the outsourcing model provides. Whether it’s a sudden surge in player activity due to a special promotion or a seasonal influx of new players, SOPHI can quickly adjust staffing levels to meet your needs.
Outsourcing with SOPHI also mitigates the risks associated with recruitment, training, and retention. With over 500 skilled professionals across its offices in the Philippines, London, and the Isle of Man, SOPHI has the expertise to support eGaming businesses at any scale, ensuring a consistent level of service regardless of player volume.
AI and Human Expertise - The Perfect Blend for eGaming Operators
While AI technology plays a significant role in streamlining processes, eGaming companies know that certain area such as customer support, dispute resolution, and compliance require the human touch. SOPHI combines cutting edge AI solutions with a highly trained team of professionals to provide the best of both worlds, delivering efficient, automated processes and personalised, and human driven interactions.
SOPHI’s AI-enhanced services and systems, work in harmony with its human agents, providing faster response times and more accurate issue resolution. For eGaming businesses, this balance ensures that players receive both fast and empathetic support, driving player satisfaction and loyalty.
Digital Marketing and Brand Growth in the eGaming Sector
The Isle of Man is home to many successful eGaming brands, and staying competitive means maintaining a strong online presence. SOPHI excels in providing digital marketing services, from social media management and content creation to search engine optimisation (SEO) and audience engagement. By
partnering with SOPHI, eGaming companies can develop and execute cohesive digital strategies that resonate with their target audience and reinforce brand loyalty.
Whether it's through crafting engaging social media posts, developing video content, or managing player communities, SOPHI helps Isle of Man operators build a strong, recognisable online brand while ensuring their marketing strategies remain compliant with advertising regulations in the jurisdiction.
A Trusted Partner for eGaming Businesses
SOPHI Outsourcing is more than just a service provide. It’s a strategic partner for eGaming companies. With extensive experience in the Business Processing Sector and a deep understanding of the island's regulatory landscape, SOPHI is ideally positioned to help businesses scale their operations efficiently and meet the growing demands of the competitive eGaming industry.
From white label customer support to back office solutions and compliance assistance, SOPHI’s turnkey services empower eGaming operators and support services to focus on innovation and growth. With a dedicated team of professionals, a commitment to quality, and an unmatched level of flexibility, SOPHI is the go to outsourcing partner for businesses in the Isle of Man’s thriving eGaming sector.
GET IN TOUCH To learn more about how SOPHI Outsourcing can help your business succeed, visit sophi-outsourcing.com or contact our team for a private consultation.
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FROM ENSURING THE SECURE HANDLING OF SENSITIVE PLAYER DATA TO PROVIDING REPORTS FOR REGULATORY AUDITS, SOPHI’S SERVICES ARE DESIGNED TO HELP BUSINESSES NAVIGATE THE COMPLIANCE LANDSCAPE WITH EASE.
UK CORPORATION TAX:
THE NEW ‘ASSOCIATED COMPANIES’ RULES ARE IMPORTANT AS THEY CONFIRM A WIDER BASIS OF CONNECTION, WITH ENTITIES NO LONGER SPLIT BY BEING DIRECTLY OWNED BY AN INDIVIDUAL OR A TRUST; THE KEY NOW IS CONSIDERING COMMON CONTROL
The UK Autumn Budget 2024, the first by a Labour government for 14 years, featured many headline announcements. It also introduced the Corporate Tax Roadmap, promising stability and certainty from a tax perspective for UK companies throughout this Government’s term.
The Corporate Tax Roadmap has confirmed no material changes in UK company taxation whilst this Government is in place. Tax rate(s) will stay: 25% main rate, 19% small profits rate, with marginal relief available. Importantly, Capital Allowance and Research & Development reliefs will also remain intact. A commitment to international tax developments was also confirmed.
This stability and certainty are welcome, but there are still a number of tax issues facing non-UK resident companies that hold UK property.
Property records
When disposing of property assets there are multiple gain calculation methods available, which differ depending on the type of property being disposed of. Companies should have the relevant information available to guarantee the best possible tax treatment is claimed. Some of this information (e.g. cost, incidental costs of acquisition, market values at April 2015/2019) may not be immediately available but is worth collating as it can ensure valuable deductions in the gain calculation.
Companies should ensure that they track the base cost of their UK properties, especially when any part disposals are deemed to have occurred, as they may utilise some of the base cost against a potential gain (e.g. if a lease premium is received). It is therefore important to be aware of less obvious capital events related to UK property that are treated as UK chargeable gains or could be treated as part disposals of the relevant UK property for UK tax purposes (e.g. receipt of lease
premiums, proceeds from option agreements, option agreements lapsing, etc.).
An associated problem?
For UK companies with ‘associated companies’, the calculation of CT may change. Associated companies are, broadly, those connected by ownership. A change in the rules to determine ‘associated companies’ from 1 April 2023 was a subtle change that has perhaps been missed by some entities. However, the new ‘associated companies’ rules are important as they confirm a wider basis of connection, with entities no longer split by being directly owned by an individual or a trust; the key now is considering common control. The number of associated companies that a company has is key because it affects both the Corporation Tax rate applicable and the tax payment regime/deadline.
Loan interest
Companies holding UK property often have related loans in place. The tax implications for interest payments are complex, involving a number of relevant matters to consider such as the Corporate Interest Restriction, transfer pricing, and the late paid interest rules (the latter two for related party loan interest only). These rules are in place to ensure that companies only receive deductions for interest expenses on a commercial basis and need to be carefully considered.
Speak to Equiom
Our multi-jurisdictional Tax Compliance and Advisory Services are designed to support your business in managing its tax obligations robustly. By partnering with us, you can rely on technical experts committed to ensuring your tax strategies are both tax optimum and compliant as needs evolve and tax landscapes change.
Contact us to learn more: www.equiomgroup.com
2024 QUOTES OF THE YEAR A MATTER OF PERSPECTIVE
FOLLOWING ANOTHER YEAR OF SUPERB EDITORIAL CONTRIBUTIONS FROM NEW AND REGULAR CONTRIBUTORS, ISLE OF MAN PORTFOLIO MAGAZINE REVISITS SOME OF THE KEY POINTS MADE DURING ANOTHER TUMULTUOUS YEAR . . .
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THERE ARE CHALLENGES, BUT WE’VE ALREADY LIVED THROUGH INDUSTRIAL REVOLUTIONS AND COME OUT OF IT ALL THE BETTER, SO AI’S POSITIVE POTENTIAL IMPACT ON EFFICIENCY, INTELLIGENCE CAPABILITIES, AND ACCURACY HEAVILY OUTWEIGHS THE ANXIETY OF WHAT MAY COME.
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THERE WOULD APPEAR TO BE AN OPPORTUNITY FOR ISLE OF MAN RESIDENTS TO POTENTIALLY REMOVE A UK PENSION FROM THE IHT NET, BY TRANSFERRING IT TO AN ISLE OF MAN QROPS
THOUGHTS?
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WE KNOW THAT THE UK IS DOMINATED BY SERVICES, YET POLITICIANS CONTINUALLY SEEK TO ATTRACT TECHNOLOGY AND SCIENCE-BASED INDUSTRIES, FORGETTING THAT FOOD AND DRINK IS THE LARGEST SINGLE MANUFACTURING SECTOR IN THE COUNTRY. THE UK KEEPS KICKING ITSELF OVER BREXIT YET, EVEN EXPORTS TO EUROPE ARE GROWING AT 22%.
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THE POST OFFICE SCANDAL IS, SADLY, AN EXAMPLE OF HOW TOO MUCH TRUST CAN BE PLACED IN DATA AND ALLOWED TO OVERRIDE COMMON SENSE.
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FURTHERMORE, THE CONTINUED FREEZING OF THRESHOLDS AND ALLOWANCES IN A HIGHINFLATIONARY ENVIRONMENT CONTINUES THE FISCAL DRAG WE HAVE SEEN OVER THE PAST FEW YEARS.
PAUL CROCKER, INVESTMENT DIRECTOR, FIM CAPITAL LIMITED
ROB KINRADE, CHIEF EXECUTIVE, EXPOL
KATIE KNEALE
MANAGER, TAX
IN THE CROWN DEPENDENCIES
NATALIE BUSH DIRECTOR, THORNTON CHARTERED FINANCIAL PLANNERS
LEE PENROSE HEAD OF BUSINESS DEVELOPMENT THE FORTRESS GROUP
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THE READER CAN BE PRETTY SURE THAT THESE COMPETING JURISDICTIONS WILL BE TELLING ALL OF THOSE PROSPECTIVE CLIENTS THAT THE ISLAND HAS STARTED TO RAISE TAXES!
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WE WILL CONTINUE TO SERVE THE GLOBAL MARITIME COMMUNITY WITH DISTINCTION, WHILE LEADING THE WAY TO CREATE A GREEN AND MORE EFFICIENT MARITIME INDUSTRY
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IT’S IMPORTANT THAT BUSINESSES IN ALL THREE ISLANDS INVEST IN SKILLS AND THE ROLE THAT PEOPLE PLAY IN HARNESSING THE OPPORTUNITY PRESENTED BY AI.
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THE EMPLOYMENT MARKET, HOWEVER, IS ‘TIGHT’ MEANING IDENTIFYING AND OBTAINING CANDIDATES WITH THE REQUIRED SKILL SETS IS PROVING TO BE A CHALLENGE.
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I WANT YOU AND YOUR FAMILIES TO FEEL PHYSICALLY AND ENVIRONMENTALLY SAFE, FISCALLY AND ECONOMICALLY SAFE, DESPITE THE DIFFICULT CHALLENGES AROUND US
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AI CAN CERTAINLY ENHANCE PRODUCTIVITY, BUT IN A CREATIVE SPHERE LIKE ADVERTISING, IT’S CRUCIAL TO REMEMBER THAT IT SHOULD SERVE AS AN ALLY, NOT AN ALTERNATIVE
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NINE OUT OF THE TEN FORBES REAL-TIME BILLIONAIRES ARE OVER 50, OF WHICH FIVE ARE AGED 70 AND OVER, SO ACCUMULATING WEALTH REQUIRES DECADES OF DISCIPLINE AND PATIENCE.
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WHENEVER UK CHANCELLORS CLAIM THAT 'FISCAL HEADROOM' HAS MIRACULOUSLY BEEN FOUND FOR YET MORE PUBLIC EXPENDITURE, IT IS TIME TO COUNT THE SPOONS
ALINE AYOTTE, HEAD OF COMMERCIAL BANKING FOR HSBC IN THE ISLE OF MAN & CHANNEL ISLANDS
JON MORLEY MANAGING DIRECTOR BESPOKE RECRUITMENT
CHARLOTTE CUNNINGHAM INVESTMENT MANAGER FIM CAPITAL LIMITED
CAMERON MITCHELL DORECTOR
OF MAN SHIP REGISTRY
ALFRED CANNAN MHK ISLE OF MAN CHIEF MINISTER
TERRY VAN RHYN MANAGING DIRECTOR AND FOUNDER, ASHGROVE MARKETING
THE RT HON. MARK FIELD, NON-EXECUTIVE CHAIRMAN, CAPITAL INTERNATIONAL BANK
TRENDS, COLOURS, AND BIG BOLD MOVES
ASHGROVE MARKETING’S TERRY VAN RHYN CONSIDERS HOW TO NAVIGATE THE CHANGING COMMUNICATIONS LANDSCAPE IN 2025
Every January I dust off my trusty crystal ball to write a piece highlighting the key marketing trends for the year ahead.
To help me do this, I read many articles from people who are way cleverer than me and form an opinion of what I believe the consumer trends will be. This year I called in the help of AI as an additional research tool, and I must confess I’m impressed with the speed at which it gathered intel.
As we embark on the 2025 journey, the advertising and marketing landscape is looking like a fearsome rollercoaster ride. I suggest we fasten our seatbelts, folks, because the only thing certain about the upcoming year is that it will be unpredictable.
After years of constant flux – from the digital boom to the pandemic-induced changes in how we shop, work, and play – 2025 will probably see consumers continuing to lean into personalisation, but with a twist. According to Euromonitor International's Global Consumer Trends 2025 we can expect more demand for hyper-localisation.
While mass-market campaigns still have their place, Brits are increasingly looking for brands that speak directly to them in a very specific way – that means tailoring messaging not just to regional accents, but to local cultural quirks, the humour, and even the daily struggles of different UK communities.
AI and automation? Of course, these are here to stay, but what’s becoming increasingly important is human touch and empathy. Yes, AI can write informative copy or recommend a product you’d love, but brands that take it a step further – creating authentic human connections with their audience – will always win hearts.
There is no doubt in my mind that authenticity is more important than ever, and consumers expect real, unvarnished moments that make them feel seen and heard.
NielsenIQ's Mid-Year Consumer Outlook: Guide to 2025 suggests that brands need to craft experiences that feel like a personalised conversation, not a monologue. This, by the way, is nothing new – I’ve always believed brands should not only project authenticity but live it.
We’re also now seeing a back-to-basics movement that embraces tactile experiences. You will see more pop-up shops, experiential events, and hands-on product testing as consumers crave sensory experiences. It’s time for brands to get their hands dirty with live events, interactive social campaigns, and yes, the occasional real-world surprise.
So, get creative. The “real world” may be less cluttered than the digital one, and a truly unexpected and unique experience will leave a lasting impression.
During my past 40-plus years in this industry, I have always advocated the importance of understanding colour trends as part of brand positioning and how colour impacts consumer behaviour. It is suggested that in 2025, colours won’t just be shades - they’ll be emotional triggers.
According to colour experts, we’re seeing a move toward earthy tones and vibrant accents, which reflect both the desire for connection with nature and the urgency to embrace optimism in uncertain times. We can expect hues like deep terracotta, rich forest greens, and warm yellows to dominate the scene.
TERRY VAN RHYN
MANAGING DIRECTOR AND FOUNDER, ASHGROVE MARKETING
But colour isn’t just for design nerds to drool over – it plays a direct role in buying behaviours. Consumers aren’t always choosing products based on what’s inside the box; the visual appeal of packaging can make or break a sale. Bright, vibrant colours can invoke feelings of joy, while muted, earthy tones signal sustainability and comfort.
It’s no longer just about what the brand says – it’s about how it makes you feel. That new tech gadget? If it’s decked out in bold colours like electric blue or neon pink, you’ll be more inclined to grab it off the shelf. But that eco-friendly shampoo? Soft greens and natural beiges create an association with nature and purity. Brands need to choose wisely, because your colour palette can really influence how much consumers are willing to pay.
Speaking of bold moves, let’s touch on the Jaguar launch and why it’s such a brilliant case study for brands in 2025. Jaguar’s new electric vehicle launch wasn’t just about shiny new tech – it was about making a bold statement in the automotive industry. The design is different: it’s sleek, it’s daring.
Jaguar’s approach was a wake-up call to all brands: if you’re not brave enough to shake up your industry, you’ll get left behind. It’s time to take those big, risky leaps –whether it’s with product design, marketing campaigns, or your brand messaging.
This means embracing change, even when it feels uncomfortable. Take a page out of Jaguar’s book and go bold. If your brand has been playing it safe, 2025 is the year to push boundaries, challenge norms, and speak louder.
For today’s consumers are craving innovation, especially when it’s tied to a sense of purpose. If you can make your brand stand for something that goes beyond profits – think sustainability, community, or cultural relevance – you’ll tap into an audience that’s loyal and ready to invest in your success.
But let’s not ignore the elephant in the room: global geopolitics and the financial landscape. With a new president stepping into office in the US, global financial markets remaining volatile, and tensions in the Middle East and Ukraine continuing to simmer, it’s clear that the economic climate will impact consumer spending patterns in 2025.
As instability looms in some regions, brands will need to act with sensitivity and strategic foresight. More than ever, businesses will have to balance boldness with responsibility.
Consumers are increasingly scrutinising how brands position themselves amid political and economic uncertainty. Brands that seem tone-deaf or too selfinterested might see backlash. On the flip side, those that use their platforms for good, showing empathy and addressing larger societal issues, will gain a lot of goodwill.
If brands want to thrive in 2025, they’ll need to keep up with the constantly shifting sands of consumer behaviour, tech, and design. It’s about being brave, being bold, and recognising that the real-world experience matters just as much as the digital one.
Oh, and don’t forget the colours. They’re not just a backdrop, they’re a vital part of what drives purchasing decisions. So, let’s get ahead of the game, shake things up, and keep it fresh. 2025 is ready for you – are you ready for it?
Additional sources and further reading: Shopify UK 11 Important Consumer Trends to Watch in 2025 Motor1.com Jaguar's Upcoming Models
Auto Express Insights into Jaguar's New Lineup Gear Patrol Analysis of Jaguar's EV Plans Forbes Retail Trends for 2025
The Sun Anticipated Car Releases in 2025
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JAGUAR’S APPROACH WAS A WAKE-UP CALL TO ALL BRANDS: IF YOU’RE NOT BRAVE ENOUGH TO SHAKE UP YOUR INDUSTRY, YOU’LL GET LEFT BEHIND. IT’S TIME TO TAKE THOSE BIG, RISKY LEAPS – WHETHER IT’S WITH PRODUCT DESIGN, MARKETING CAMPAIGNS, OR YOUR BRAND MESSAGING.
Business Directory brought to
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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 Thor n, 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
Business Directory brought to you by
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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
Douglas-based law firm DQ Advocates has been strengthened with the appointment of a new Associate Director.
Helen Fretwell has moved to the acclaimed practice to bolster its Corporate & Commercial department.
A well-respected professional within the industry, she joins from HM Attorney General’s Chambers where she was a senior legal practitioner within the Commercial Division. Prior to that, Helen worked in private practice at an offshore law firm for more than decade.
A member of the Isle of Man Law Society, she has advised financial institutions, insurers, corporate service providers, onshore law firms and borrowers in both local and multi-jurisdictional transactions.
Head of Corporate & Commercial, Andrew Harding, said: “I am thrilled to welcome Helen to DQ Advocates.
“She has a wealth of knowledge across a broad range of corporate and commercial law with particular expertise in banking and asset finance, insurance and funds, mergers and acquisitions and investment services.
“The experience we hold within our team ensures we are able to offer a comprehensive service to support our clients across a range of disciplines, including in navigating the ever-evolving regulatory landscape. Helen will perfectly complement that practice and is already proving a real asset.’
Speaking about her appointment, Helen added: “I am absolutely delighted to have joined a law firm which has such a first-rate reputation and am excited to play my own part in the DQ success story, developing further our corporate and commercial offering and providing first class services for an extensive range of clients.”
Mark Murley has joined MAC Financial as a Senior Independent Financial Adviser.
With extensive experience working for some of the Isle of Man’s largest bluechip employers, Mark brings a rich relationship and wealth management background to MAC Financial. His most recent position was with a long-established stockbroking and investment management firm, where he continued to specialise in looking after local clients and offering investment advice.
A graduate of Keele University, Mark qualified with the Chartered Institute for Securities and Investment in 2013 whilst working at Coutts Bank, enabling him to provide regulated financial advice. At MAC Financial, he will be the first point of contact for both our corporate and private clients, offering expert guidance on pensions, investments, protection, and cash flow management. He joins MAC Financial’s team of eight advisers.
Commenting on his new role, Mark said: “I am proud to join the Island’s largest independent financial advisory and insurance broking team. MAC Financial has a well-earned reputation for offering bespoke, fair, and transparent independent financial advice, helping clients achieve the best outcomes for their unique situations. I look forward to meeting MAC’s clients and building strong, long-term relationships.
Rebecca Netten, Head of Corporate Advisory, added: “Mark has been a fantastic addition to our team. In MAC’s 20th anniversary year, his appointment has further strengthened our group of qualified Independent Financial Advisers. Mark has an excellent reputation for building trusted relationships with clients, which is something we highly value at MAC Financial.”
Books, magazines, brochures, columns, reports, website copywhatever your literary needs, I have more than 30 years’ experience working with individuals, businesses and charities.
HELEN FRETWELL
MARK MURLEY
Appointed Director of Atla Fiduciaries Ltd
Atla Fiduciaries Limited has announced the appointment of Donald Edwards as Director. Since joining Atla in 2023, Donald has demonstrated exceptional leadership and operational expertise, making an indelible mark on the firm’s fiduciary services and reinforcing its reputation for delivering value to clients.
Donald’s promotion reflects Atla’s ongoing commitment to nurturing talent and fostering a culture of growth, innovation and excellence. As a qualified
Trust and Estate Practitioner with over 15 years of industry experience, Donald specialises in complex trust and corporate structures, real estate and asset management for high-net-worth individuals. In his concurrent role as Client Director and Head of Operations, Donald has played a pivotal role in advancing Atla’s mission to deliver consistent gains for clients by enhancing systems, processes and client success.
“Atla Fiduciaries is thrilled to welcome Donald Edwards to the leadership team as Director,” said Martin Hall, CEO, Atla Group. “Donald’s dedication, adaptability, and visionary leadership have already made a significant impact, and his promotion is a key step in our strategy to expand and evolve our capabilities in an ever-changing regulatory landscape.”
Beyond his professional accomplishments, Donald is deeply rooted in the Isle of Man community, exemplifying Atla’s #CommunityStewardship value. A passionate sailor and mentor, Donald has been instrumental in fostering local talent, including the founding of the Manx Youth Sailing Squad in 2008 and co-founding the Island Sailing Development Squad in 2024. His efforts have created pathways for young sailors to compete at elite levels, including the Island Games, where Donald himself has competed twice.
Donald’s involvement extends to serving as a crew member with Ramsey RNLI Station and holding leadership roles within local sailing associations. His commitment to community and mentorship reflects the broader Atla ethos: growth and progress are best achieved together.
“I’m honoured to step into this role and contribute to Atla Fiduciaries’ continued growth and success,” Donald said. “Atla’s values of #OwnYourRole and #EmbraceTheNew align perfectly with my approach to leadership. I look forward to collaborating with the team to navigate challenges, deliver exceptional results and positively impact both our clients and the community we serve.”
Cains strengthens employment team
Leading Isle of Man Law firm, Cains, has continued to enhance its employment and data protection practice with the recent appointment of Ruby Roberts.
Ruby joins us as an Associate in our top tier employment and data protection team, having arrived from the Office of Cyber Security and Information Assurance where she held the position of Information Governance Officer. Ruby qualified as a Manx Advocate in 2022.
She has particular experience in relation to data protection and information governance and is looking forward to providing technical advice, best practice insights and training as part of her new role.
Ruby was educated at Liverpool University where she obtained a First-Class Honours degree in Law, before further completing an MSc LPC in Law, Business and Management, gaining a Distinction.
Katherine Sheerin, Head of Employment and Data Privacy at Cains, said: “Ruby is a strong addition to our employment & data privacy team. She has significant technical skills and know how which will be invaluable to our offering and the further development of our practice area. We very much look forward to welcoming her to the team.”
Amy Richards joins international business of Canaccord Wealth
Canaccord Wealth has welcomed Amy Richards as a Non-Executive Director. Amy will provide strategic guidance and oversight to Canaccord’s international leadership based in the Isle of Man, Guernsey and Jersey.
Amy has more than 20 years’ experience in financial and professional services working in New York, Toronto, London, Europe, and Asia. She has held a range of commercial and leadership roles for Marsh McLennan and, before that, strategy consulting and transformation roles at Oliver Wyman. Amy studied Law and History at Cambridge University.
Andy Finch, CEO of Canaccord Wealth’s international business said: “Amy has a huge amount of knowledge with specific expertise in commercial effectiveness, client engagement, risk management, and M&A integration. Her insight will be invaluable to the business as we progress in our ambition to be the best integrated wealth manager by performance and service.
“This is a very exciting time for our international business following our recent announcement of the acquisition of Brooks Macdonald International. We are delighted that Amy is joining at such an important time for our teams across the Crown Dependencies.”
DONALD EDWARDS
AMY RICHARDS
RUBY ROBERTS
NINJA
