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| Barbados To Regulate Financial Services |
by Mike Godfrey, Tax-News.com, Washington
Tuesday, March 15, 2011
Barbados has established a Financial Services Commission, designed to regulate
and supervise the operations of the non-banking financial sector.
The Minister of Foreign Affairs and Foreign Trade, Senator Maxine McClean,
said on March 8 that Parliament had recently passed a bill approving the creation
of the new body which, she explained, is expected to oversee the work of the
non-financial services sector. McClean said: "The creation of this new entity
entails the strengthening and consolidation of the functions carried out by
the Supervisor of Insurance, the credit union arm of the Cooperatives Department
and the Securities Commission", adding that: "Barbados now has in place
a supervisory and regulatory regime that is efficient and effective enough to
govern the country's overall financial system and ensure that it continues to
operate at a standard that satisfies best practices."
According to the Minister, the Commission's establishment is intended to strengthen the system, for: "As we become more sophisticated in our operations,
the level of regulation has to change [and] the degree and scope of regulation
has to be enhanced." "The creation of this new body is not intended
to restrict the practices of private sector organizations and third sector organizations
- as I like to call [financial] cooperatives, as they seek to deliver service
to Barbadians. It is meant to encourage prudent corporate principles which will
preserve their long-term stability and secure the financial services sector,"
she explained.
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