Services to Specified Customers: Licensing Requirements

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Overview

The St Helena Financial Services Authority (Authority) ensures that financial services companies operating in St Helena comply with regulatory requirements to protect customers and maintain market confidence.

Licensing Requirements

To provide insurance services, financial services, or other regulated activities in St Helena, a person or business must obtain a licence from the Authority. The licensing process involves submitting an application, which must be accompanied by all required documents and information.

Application Process

• Applications for a licence must be determined within 6 months of receipt, unless additional information is required or the application does not comply with section 8(4).
• If the Authority intends to impose conditions on the grant of a licence, it must serve written notice on the applicant specifying the grounds for its decision and allowing a period of at least 21 days for representations.

Conditions and Restrictions

Licences may be granted subject to conditions or restrictions imposed by the Authority. These may include:

• Requirements regarding the removal of officers
• Divestment of shareholdings
• Refraining from certain transactions

Review Process

Any person aggrieved by a decision of the Authority may seek a review of that decision. The Authority must reconsider its decision in light of the request and any additional information submitted in support of it.

Public Statement

In cases where a licence is restricted or revoked, the Authority may issue a public statement to inform the public of the action taken.

Urgent Cases

The Authority may impose restrictions or revoke a licence without prior consultation with competent authorities outside St Helena if it considers that the matter is urgent or there are circumstances which make such consultation inappropriate.