The Turks and Caicos Financial Services Commission (FSC) hosted a gathering of the financial services industry, government representatives and its own board on Providenciales on Friday 17 February. The event was entitled ‘Sustainable Development for the Financial Services Sector’ and was aimed at improving communications between all stakeholders in the industry; identifying risks and opportunities for the future; and, highlighting legislative action designed to bolster the industry as it looks to expand.
The ‘Retreat’, characterised as ‘Vision 2015’, included presentations from the Bankers Association, Association of Licensed Trustees, the Insurance Managers Association and the Insurance Association. Areas of concern and ideas for future development were discussed in an open and constructive atmosphere with the intention that the suggestions and priorities will be considered by the FSC for possible inclusion in the FSC Action Plan 2012-16, which it aims to publish shortly. A first draft of the Action Plan was shared with the industry immediately ahead of the Retreat as a basis for consultation during the day.
The attendees received confirmation of the government’s support for the financial services in the TCI and the future development of the industry, and its backing for the FSC’s more proactive approach to compliance. The government emphasised that, for the future success of the TCI financial services sector, it must work hard to demonstrate that it meets with international regulatory standards and best practice. To illustrate this intent the Attorney General detailed the current programme to revise TCI’s legislation, which includes several measures relevant to the financial services industry.
Speaking at the close of the event Kevin Higgins, Managing Director of the FSC said: ‘Today’s event was a great opportunity to gather the FSC, industry representatives and the government in the same room in order to agree the challenges we face, and identifying areas we can move forward on together with the aim of securing the future of financial services in the TCI.’
Governor’s representative from the Governor’s Office, Philip Rushbrook, agreed: ‘The pooling of ideas; agreement of the existing risks to the industry; and the acceptance of the need for collaborative working to address the challenges faced by the financial services sector is vital for the long term future of the industry. I very much hope this will become
