Barbados Financial Regulation Explained: FSC at the Helm

The Financial Services Commission (FSC) was established on April 1st, 2011, with a mission to strengthen financial oversight in Barbados. As an integrated regulatory body, the FSC is responsible for supervising and regulating non-bank financial institutions in the country.

History of the FSC

The FSC was created by virtue of the Financial Services Commission Act 2010. This move aimed to consolidate the responsibilities of several former regulatory bodies, including the Securities Commission, Supervisor of Insurance and Pensions, and Co-operatives Department in relation to credit unions.

Key Functions and Responsibilities

The primary functions of the FSC include:

Administering specified enactments related to financial institutions
Supervising and regulating financial institution operations
Establishing standards for institutional strengthening, risk management, and consumer protection

These responsibilities are critical to ensuring the stability and integrity of Barbados’ financial services sector.

Promoting Stability and Consumer Confidence

A key aspect of the FSC’s role is promoting public awareness and confidence in the operations of financial institutions. By doing so, the commission aims to:

Safeguard the interests of consumers and creditors
Ensure the overall health of Barbados’ financial services sector

The FSC works tirelessly to achieve this goal by:

Implementing effective risk management strategies
Establishing robust standards for institutional strengthening and consumer protection
Promoting transparency and accountability in the financial industry