Chairman outlines way forward for FSC
Wed, 04/20/2016 - 12:00am
CHAIRMAN of the Financial Services Commission (FSC) Sir Frank Alleyne has outlined the way forward for the organisation.
Speaking against the background of a highly successful five years of operations, Sir Frank has assured Barbadians that the organisation’s focus will be firmly grounded in building a great regulator, by providing the level of service to the public that is
second to none.
“The FSC is committed to promoting financial stability and we will stay the course irrespective of the challenges that may arise along the way,” he said at a recent public function sponsored by the Commission. That function was the annual FSC lecture presented by Finance Minister, Christopher Sinckler.
The Chairman said that two of the Commission’s four core objectives are transparency and public accountability, and that “we are committed to leading by example”.
Sir Frank added that some of their key areas of focus will include maintaining the corporate governance system that meets international best practice in all areas, including operations of the Board of Commissioners, delegation to management and staff of appropriate documentation of policies and procedures.
In addition, another key goal is strengthening the organisation’s performance and appraisal system, so that the level of accountability is documented for all staff.
Emphasising that the regulator will continue to build its regulatory capacity, he noted that they have in the FSC a team comprising highly skilled staff.
“We invest in our staff and we offer incentives to encourage them to upgrade their skills. We want to ensure that our staff remain at the leading edge in their respective fields so that we can not only stay abreast with the level of international best practices, but at some point in time contribute to the process,” he maintained.
“Finally, improving the level of information made available to the public and stakeholders regarding regulation of the non bank financial sector, to ensure that public confidence in the sector is high and financial stability is promoted at all times.”
He lauded the Commissioners, management and staff of the FSC for the excellent work done over the years and highlighted the Ministry of Finance and Economic Affairs for the support provided. (JB)