HE The Governor, Peter Beckingham, announced at the Financial Service Commission (FSC) AGM on Friday 12 December that he has finalised arrangements for a review of the body to be undertaken in January 2015.
The review will explore the Financial Services Commission’s value for money in delivering effective regulation, meeting international standards, and securing for TCI the competitive advantage derived from being a well-regulated jurisdiction. It will focus on the direction given to the organisation by the Board and the senior management of the FSC, the number and experience of staff employed, especially compared to other Caribbean Overseas Territories, the structure of the FSC including the companies’ registry function, fees charged to the financial services sector, an assessment of the FSC reserve position/provisions, external relations with financial services organisations in TCI and relations with regional or global financial compliance bodies.
“A good financial regulator is key to the growth and sound operation of the financial services industry in any jurisdiction, and we have commissioned this review to ensure the Turks and Caicos Islands FSC is as well-equipped as possible to deliver its objectives,” commented the Governor. “These types of reviews are commonplace throughout the world, and this exercise is part of our ongoing commitment to ensure the effective operation of the bodies charged with upholding good governance in the TCI.
“There has been background noise from within the financial services sector of criticism and carping about the FSC,” the Governor added. “The aim of this review, which has been agreed with its Chair Sir Erroll Allen and will be shared with his Board, is to provide a brief but incisive analysis of how the Commission is performing, and possible areas to consider strengthening.”
The review will be conducted by Mr Steve Johnson, who is an independent consultant and a former UK Treasury official who has spent more than twenty years working with the financial services industry and regulators. Mr Johnson was Secretary to the Independent Review of British offshore financial services centres ( “The Foot Review”) and has continued to work with the sector in the UK and in Caribbean Overseas Territories since publication of the Review in 2009.
