Government establishes financial services commission

- Tuesday, March 8, 2011

Government establishes financial services commission

The Barbados government has established a financial services commission to regulate and supervise the non-banking financial sector, government information service BGIS said in a press release.

"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," said Maxine McClean, Barbados' foreign minister and leader of government affairs in the senate.

McClean noted that the new commission is expected to accomplish the same role in the non-banking sector as central bank CBB has in the banking industry.

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The minister added that establishing the new regulator was not an indication of problems in the non-banking sector, but rather a move to streamline and enhance the economy. "It is meant to encourage prudent corporate principles which will preserve [non-banking institutions'] long-term stability and secure the financial services sector."