A Financial Services Authority is to be created to better regulate the industry, the Minister of State in the Ministry of Finance, the Hon Zhivargo Laing confirmed.
The government is giving "renewed focus" to the financial services sector, the second pillar of the Bahamian economy, Mr. Laing said.
Speaking in the House of Assembly during debate on the Government's $1.7 billion national budget, June 17, he disclosed the nature of the Financial Services Authority.
It will engage a leader and consultants who must be seasoned in regulating a sophisticated financial services sector, he said.
It will also engage the appropriate audit and inspection supervisors, market surveillance supervisors, set up a comprehensive IT program, and have an extensive recruitment and training program.
With respect to consolidating the financial services regulators, he said a twin system would be created by the end of this year in which there is the Central Bank and one other regulator responsible for all areas of financial services other than banks and trust companies.
The Financial Services Authority would be created through an Act of Parliament.
A commission in the Act would assume the roles of the securities, compliance and insurance commissions.
The Act would provide for the creation of a Chief Executive Officer to replace the Superintendent of Insurance, the Executive Director of the Securities Commission, and the Executive Commissioner of the Compliance Commission, he explained.
The Act would also provide for the creation the Marketing Monitoring Department, the Authorization Department and the Audit/Inspection Department
Education will also "feature prominently" in the government’s "new vision" for the financial services sector, Mr. Laing said.
It proposes to develop a targeted program and, through the Ministry of Education, introduce a financial services-related curriculum beginning at the high school level.
This will be done in conjunction with the Bahamas Institute of Financial Services and the Bahamas Financial Services Board (BFSB), and coordinated with College of the Bahamas.
In the upcoming weeks, Mr. Laing proposes to continue discussions with the BFSB and the wider industry about this strategy.
He commended the BFSB on its performance in the face of "the present economic fallout." The government has increased funding to BFSB from $250,000 to $500,000.
Lindsay Thompson
Bahamas Information Services
Discuss Add this link to... Bury
The government is giving "renewed focus" to the financial services sector, the second pillar of the Bahamian economy, Mr. Laing said.
Speaking in the House of Assembly during debate on the Government's $1.7 billion national budget, June 17, he disclosed the nature of the Financial Services Authority.
It will engage a leader and consultants who must be seasoned in regulating a sophisticated financial services sector, he said.
It will also engage the appropriate audit and inspection supervisors, market surveillance supervisors, set up a comprehensive IT program, and have an extensive recruitment and training program.
With respect to consolidating the financial services regulators, he said a twin system would be created by the end of this year in which there is the Central Bank and one other regulator responsible for all areas of financial services other than banks and trust companies.
The Financial Services Authority would be created through an Act of Parliament.
A commission in the Act would assume the roles of the securities, compliance and insurance commissions.
The Act would provide for the creation of a Chief Executive Officer to replace the Superintendent of Insurance, the Executive Director of the Securities Commission, and the Executive Commissioner of the Compliance Commission, he explained.
The Act would also provide for the creation the Marketing Monitoring Department, the Authorization Department and the Audit/Inspection Department
Education will also "feature prominently" in the government’s "new vision" for the financial services sector, Mr. Laing said.
It proposes to develop a targeted program and, through the Ministry of Education, introduce a financial services-related curriculum beginning at the high school level.
This will be done in conjunction with the Bahamas Institute of Financial Services and the Bahamas Financial Services Board (BFSB), and coordinated with College of the Bahamas.
In the upcoming weeks, Mr. Laing proposes to continue discussions with the BFSB and the wider industry about this strategy.
He commended the BFSB on its performance in the face of "the present economic fallout." The government has increased funding to BFSB from $250,000 to $500,000.
Lindsay Thompson
Bahamas Information Services
Discuss Add this link to... Bury
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