Chief Executive for Isle of Man Financial Services Authority Announced

The Financial Supervision Commission and the Insurance and Pensions Authority have announced that Ms Karen Badgerow has been appointed as Chief Executive of the Island’s newly formed unified financial services regulator, the Isle of Man Financial Services Authority (“IOMFSA”), and will take up her position on 1 November 2015 when the new body comes into being.

Ms Badgerow’s appointment follows the approval by Tynwald in March 2015 of the Transfer of Functions (Isle of Man Financial Services Authority) Order 2015, which creates the new regulator with effect from 1st November 2015 and which gave responsibility to the existing regulators, the Financial Supervision Commission and the Insurance and Pensions Authority, to appoint a Chief Executive for the new body.

Ms Badgerow will move to the Isle of Man from Canada, where she has spent the last 2 years as Senior Vice President (Insurance and Risk Assessment) at the Canada Deposit Insurance Corporation (‘CDIC’), a Federal Crown Corporation created by the Canadian Parliament with responsibility for insuring eligible deposits made at banks and other financial institutions.

She has over 20 years’ experience in the regulation of deposit-taking, insurance and pensions business and prior to her role at the CDIC she held senior leadership positions at the Office of the Superintendent of Financial Institutions, Canada’s unified financial services regulator.

Geoff Karran and Peter Pell-Hiley, chairmen of the FSC and IPA, said -

“We are delighted to announce Karen Badgerow’s appointment as the first Chief Executive of the IOMFSA. We believe that Karen brings an excellent blend of regulatory experience in the areas of responsibility of the new combined body and also brings significant leadership experience that will be vital in managing the merger of the two existing regulators. This will enable her to lead the IOMFSA in its work to continue to enhance the Isle of Man’s reputation as a well regulated financial services centre, thereby supporting the Island’s economy and its development as an international business centre”.

Ms Badgerow said “I am excited to be offered this opportunity to come to the Isle of Man at this time and to work with highly qualified teams in the FSC and the IPA in moulding this new Authority. I also look forward to working with the Financial Services Industries and Government Departments to continue the development of the Island as a well regulated International Finance Centre”.