MHK calls for probe into Island's financial services and eGaming frameworks

Chris Thomas warns sectors are 'under pressure' and cites worried employees

A Douglas Central MHK is calling on his fellow Tynwald members to back his call for a new select committee to be formed.

Chris Thomas wants a review of the suitability of frameworks for the Island's financial services and eGaming sectors.

It comes as several businesses in the sector have ceased to exist in recent months, the latest being Celton Manx Limited.

He says the proposed committee would 'take evidence about whether, and if so how, to establish and undertake a public inquiry under the Inquiries (Evidence) Act 2003 or some other form of independent review of whether the regulatory, supervisory, enforcement, government and policy frameworks for financial services and eGaming suit the needs of our Island'.

If the proposed committee concluded that an independent inquiry or review should be established, he proposes they should outline:

• what sort of inquiry or review it should be
• what sort of person or team should undertake it
• how that person or team should be commissioned and funded
• Terms of Reference

He then says they should report back to Tynwald by May 2026.

The MHK believes government is not assessing businesses in the national interest ahead of next year's MONEYVAL assessment.

Mr Thomas says since laying the motion, he's received letters and emails from people in the sectors who are concerned:

The Douglas Central also has two other motions in Tynwald today (18 November), the first calls for the Golden Anniversary of the Millennium of Tynwald to be celebrated in 2029, and the other concerns the Residential Land Availability Study.

You can hear more from Mr Thomas on all three motions in our latest Newscast, available now.