The government of the Bahamas has established a new committee charged with examining a proposal to consolidate the country's regulatory bodies, possibly into just one entity.
First announced in the 2005/2006 government budget, the regulatory institutions on the committee include the Central Bank of The Bahamas, the Office of the Registrar of Insurance Companies, the Securities Commission of The Bahamas, the Compliance Commission and the Inspector of Financial and Corporate Service Providers.
The heads of each of the regulatory institutions will serve on the committee under the chairmanship of Senator James Smith, Minister of State for Finance. Former Minister of Finance Sir William Allen and the Chief Executive of the Bahamas Financial Services Board, Wendy Warren will also have an input into the committee's deliberations.
According to Senator Smith, the primary task of the committee is one of "improving the efficiency and profitability of the financial services sector, thereby enhancing its competitiveness."
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