Financial Services News

St. Vincent Financial Services Authority celebrates a decade of growth


SVG Financial Services Authority (FSA) Marks A Decade

St. Vincent and the Grenadines Financial Services Authority (FSA) celebrates a decade of expansion in the regulation of international financial services and domestic non-banking institutions. The Authority celebrated its birthday on November 12, 2022.

During the week leading up to the anniversary, the authority will host a week of activities to mark the occasion. Activities include a customer appreciation day, a lecture at the community college with second-year business students, and a charity drive. The weeklong celebration culminates with a cocktail on Saturday, November 12, 2022.

Carla James, Executive Director of the FSA, says the organization is an amalgamation of three distinct regulatory bodies that came together, namely, the International Financial Services Authority (IFSA), the Co-operatives Division of the Ministry of National Mobilization and Social Development, and the Supervisory and Regulatory Division within the Ministry of Finance.

Deputy Executive Director Derick St. Rose says the FSA is also responsible for ensuring that licensed financial entities are properly managed and remain financially sound. St. Rose says the role of the authority is also geared towards protecting customers; that is, it has the power to intervene in the affairs of a regulated entity for the purpose of customer protection.

The Financial Services Authority also functions as the designated representative of the Minister of Finance on various international initiatives, including those of the OECD.

The FSA was established on November 12, 2012, by an act of parliament to institute a new system to manage, direct, control, and supervise the international financial services industry and domestic non-bank institutions in this country.

 



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