Tynwald rejects call for new committee to review financial and eGaming regulation

Members instead back a government-framed statement emphasising confidence, stability and readiness for next year’s MONEYVAL assessment.

Tynwald has rejected a proposal to create a new select committee to examine the Island's financial services and eGaming regulatory frameworks.

It follows a debate dominated by concerns about the impact such a review could have on the Isle of Man’s preparations for next year’s MONEYVAL assessment.

Douglas Central MHK Chris Thomas had sought the establishment of a committee to consider whether an independent inquiry was needed into the suitability of the Island’s regulatory, supervisory and policy arrangements following recent business closures including Celton Manx Limited. 

His motion would have required the committee to take evidence and report back by May 2026 with recommendations on structure, scope, staffing and funding.

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However, an amendment from Justice and Home Affairs Minister Jane Poole-Wilson - which replaced the proposal with a government-led statement of principles - won the support of Tynwald. 

As a result, the original motion fell.

The amendment passed with 16 votes in favour and seven against in the House of Keys, and was approved unanimously in the Legislative Council.

The government-framed amendment reaffirms the importance of economic growth, independent regulation and maintaining the Island's international reputation, while highlighting the contribution of the financial services and eGaming sectors. It also stresses the shared priority of securing a positive MONEYVAL outcome in 2027.

During the debate, ministers and Legislative Council members warned against introducing additional processes that they believed could send the wrong signal to international partners at a 'crucial time'.

Chief Minister Alfred Cannan described the original proposal as unhelpful, saying the Island faced a "rigorous" evaluation and needed "certainty, not distractions". While acknowledging business concerns, he said failing MONEYVAL would have far more serious consequences than differing views on regulatory frameworks.

Legislative Council member Gary Clueit cautioned that confidence was at stake, warning that greylisting was not symbolic but economically damaging.

Citing international examples, he said one country estimated the cost of securing de-listing at £38 billion - around 11 percent of its GDP. The motion, he argued, risked suggesting that the Isle of Man was not united or confident in its regulatory approach.

Treasury Minister Alex Allinson highlighted the losses and reputational harm other jurisdictions had faced after being greylisted. He said any broader review should take place after the MONEYVAL assessment. He opposed the motion but supported the amendment.

Legislative Council member Peter Reid, reflecting on his involvement in the Island's previous MONEYVAL visit and his long career in banking, said the preparatory workload was "huge" and that the Island had "come to the party late". He described the existing regulatory frameworks as strong, but said the proposed committee risked diverting focus at a critical time.