Financial Crime World

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Barbados Regulatory Bodies Crack Down on Financial Crime

The Financial Services Commission (FSC) has been at the forefront of regulating non-bank financial institutions in Barbados since its inception on April 1st, 2011.

Establishment and Mandate

As an integrated regulatory body established by virtue of the Financial Services Commission Act of 2010, the FSC is responsible for overseeing and governing entities licensed or registered under various Acts of Parliament. These include:

  • Insurance Act
  • Occupational Pension Benefits Act
  • Securities Act
  • Mutual Funds Act
  • Co-Operatives Societies Act (relating to credit unions)

Key Responsibilities

The FSC’s primary functions are a consolidation of those previously handled by the former Securities Commission, Supervisor of Insurance and Pensions, and the Co-Operatives Department in relation to credit unions. The organization’s key responsibilities include:

  • Administering specified enactments, such as licensing or registering financial institutions
  • Supervising and regulating their operations
  • Establishing standards for institutional strengthening, risk control, and management in the financial services sector
  • Consumer and creditor protection

Promoting Stability and Confidence

The FSC strives to promote stability, public awareness, and confidence in the financial institution’s operations.

Maintaining Financial Integrity

With a focus on regulating non-bank financial institutions, the FSC plays a crucial role in maintaining the integrity of Barbados’ financial system and ensuring that financial crimes are prevented or effectively addressed.