INTERVIEW: Isle Of Man Plotting Post-Brexit Future For Financial Services Sector

Josh O'Neill

20 June 2017

The Isle of Man's chief minister is attending weekly meetings in London to ensure the crown dependency “has a voice” in Brexit negotiations, a government head has told this publication, signalling stability for the Manx wealth management industry after the UK exits the European Union.

Chief Minister Howard Quayle, who was elected last October, had been liaising with figureheads from the UK government since shortly after he took up his post, according to Simon Pickering, head of on-island development at the Isle of Man government.

“Our chief minister from the very early days of taking up his post has been engaging on a weekly basis in London, holding conversations to ensure we have a voice ,” said Pickering. “One is financial services-related. Another is looking at general trade. Our overall aim is to make sure the Isle of Man has a voice.”

UK Relations

Within weeks of Theresa May taking up her position as Britain's prime minister last July, she wrote a letter to all three crown dependencies – the Isle of Man, Jersey and Guernsey – in which she stated they will be offered the opportunity to contribute “where it is relevant and appropriate to do so”.

But the Isle of Man is not entirely free to choose the future of its relationship with the EU, and its options will ultimately be limited by the UK's eventual position.

How this will impact the wealth management industry on the Isle of Man, “it is too early to say,” said Pickering.

“At the minute, Brexit is a wait-and-see watching brief,” he added. “As a department, we work closely with the Wealth & Funds Association, and the sector is always well supported.”