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The banking system changed forever in 2008 and the repercussions continue to cause difficulties for Isle of Man businesses, particularly those involved in some of the Island’s most important industries. For this reason, I have followed with interest the recent enactment of the Alternative Banking Regime and its promotion by the Department of Economic Development (“DED”) as a means of attracting new banks to the Isle of Man.
As everybody working in the Island’s financial services industry will know only too well, the regulatory burden on firms such as Peregrine Corporate Services (“Peregrine”) is getting heavier every year.