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FSC protecting country’s financial well-being
A senior official of the Financial Services Commission (FSC) has highlighted the importance of that institution to the stability and health of this country’s financial system.
Randy Graham, Director of Insurance and Pensions at the Warrens, St. Michael-based Government FSC, made the comments yesterday at a news
He and two other senior colleagues revealed plans to broaden the drive to get more Barbadians aware of the work of the Commission, especially its role
in the Occupational Pensions Benefit Act (OPBA).
Graham said that the FSC is very critical to the stability of the financial system in Barbados, inclusive of the four sectors – mutual funds securities, credit unions, insurance and pensions – which fall under its ambit.
He told the media that collectively those four sectors have about Bds$8 billion in assets under management. “When you consider that the banking system in Barbados has about $11 billion, you can see that the non-bank financial system is critical to the stability of the financial system in Barbados,” Graham maintained.
He said as well that they work very closely with their sister regulator the Central Bank of Barbados in this regard to maintain such stability.
“We are not only looking at a lot of assets, but we are looking at a lot of coverage as well. We are talking about 400 entities registered under the FSC in the domestic system that our staff has to oversee,” said Graham.
“And you are talking about in excess of 150 000 Barbadians who have deposits, insurance policies, pension plans or otherwise, again which the FSC has to oversee,” he explained.
Graham pointed out that with respect to the OPBA, it is a relatively new piece of legislation which was passed in Parliament in 2011.
Acting CEO, Warrick Ward said that one of their roles is to educate the public.
According to him, a survey done recently found that the public is not fully aware of the role of the agency. “We thought therefore it is necessary for us to inform the public as to what our roles and responsibilities are. There would be many of these attempts because we have been steadily building capacity within the FSC, which was set up in 2011,” he said.
“What we have been doing is to look to cement our position within the regulatory environment in Barbados. We are responsible for all of the acts that administer the regulation of the non-banking financial sector,” he explained.
Acting Deputy CEO Ms. Cyralene Benskin-Murray said the FSC has a key role in protecting customers of financial institutions as well as investors in financial institutions in Barbados. “So we take care of domestic clients,” she told the media. (JB)