Saint Vincent And The Grenadines' Regulator Marks Fifth Anniversary
by Mike Godfrey, Lowtax.net, Washington
17 November, 2017
Saint Vincent and the Grenadines' Financial Services Authority (FSA) recently marked its fifth year as the territory's financial services regulator.
The FSA was established in November 2012 as an autonomous statutory body with regulatory oversight of the international (offshore) financial and non-bank financial sectors.
One of the rationales for establishing the FSA was the need to have a more cohesive regulatory regime for non-bank financial institutions, comprising credit unions, insurers and pension funds, building societies, friendly societies, and money remitters. The international financial services sector was, at the time, already being supervised by a statutory body, the International Financial Services Authority, which had worked with stakeholders to ensure appropriate legislative and administrative systems were in place to govern and properly regulate the offshore industry.
The FSA says it has made good progress towards fulfilling its mandate, citing recent commendations from International Monetary Fund, which describe Saint Vincent and the Grenadines as "the regional leader in non-bank supervision" and "leading the region in credit union supervision."
Mindful of the challenges ahead, the FSA says it intends to working steadfastly with industry, to continue to deliver for the territory's people and financial services industry.
See all of today's news