How We Regulate

OVERVIEW OF THE FINANCIAL SERVICES COMMISSION

The Financial Services Commission (FSC) is a self-financing regulatory body established in 2001 pursuant to the Financial Services FSC Act, 2001(FSC Act). The FSC is an integrated financial services regulator that operates under the FSC Act, Insurance Act, Pensions Act and Securities Act and their various regulations. It has responsibility to license, regulate, monitor, and supervise the securities, insurance and private pension industries, and to investigate and sanction the entities under its jurisdiction. The FSC is governed by a Board of Commissioners established by law and consists of a Chairman, and up to nine other Commissioners including the Executive Director who is appointed by the other Commissioners. The other Commissioners are appointed by the Minister of Finance and Planning. The Executive Director has responsibility for the executive and administrative functions of the FSC.

To accomplish its mission, the FSC is mandated by Section 6 of the FSC Act, to perform the following duties:

  • Supervise and regulate prescribed financial institutions;
  • Promote the adoption of procedures designed to control and manage risk, for use by the management, boards of directors and trustees of such financial institutions;
  • Promote stability and public confidence in the operations of financial institutions;
  • Promote public understanding of the operations of prescribed financial institutions;
  • Promote the modernization of financial services with a view to the adoption and maintenance of international standards of competence, efficiency and competitiveness.