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Financial Regulatory Body Oversees British Virgin Islands Financial Sector

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The British Virgin Islands Financial Services Commission (FSC) has been at the forefront of regulating and supervising the financial sector in the territory since its establishment in 2001. As an autonomous regulatory authority, the FSC is responsible for ensuring the integrity and stability of the financial system, protecting consumers, and promoting public understanding of financial products.

History and Mandate

The commission was created to take over regulatory responsibilities previously handled by the government’s Financial Services Department, with a mandate to protect the independence of financial services regulation and fulfill international commitments to prevent white-collar crime. In addition to its core functions, the FSC also promotes public awareness of the financial system and its products, polices regulated activity, reduces financial crime, and prevents market abuse.

Expansion and Representation

In recent years, the FSC has expanded its reach by launching an Asia representative office in Hong Kong in April 2014, a move aimed at supporting business development in the Asia-Pacific region.

Leadership

At the helm of the FSC are:

Chairman

Robin Gaul, a qualified accountant with over three decades of experience, has been leading the commission since its inception. His qualifications and experience include:

  • Qualifications: Chartered accountant
  • Experience: Partner at KPMG, served on various boards and committees in the BVI public sector

Managing Director/Chief Executive Officer

Robert Mathavious has been the Managing Director/Chief Executive Officer of the FSC since its establishment. His experience includes:

  • Experience: 25 years as a civil servant, honorary doctorate from the University of the West Indies (2013)

Recognition and Impact

The FSC’s efforts have not gone unnoticed, with the organization receiving international recognition for its commitment to effective regulation and supervision. As a result, the commission has become a model for other jurisdictions looking to establish or improve their own financial regulatory frameworks.

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