In March 2002, the Isle of Man's Treasury minister, Allan Bell, challenged the Fund Management Association (FMA) to come forward with ideas for improving the competitive proposition for the island's investment funds industry.
The industry took up the gauntlet and following its submission of a strategic plan for change, the FMA's thinking was incorporated in the budget announced in February 2003. It included a package of measures designed to give the island's investment funds industry a major
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