Barbados To Create Financial Services Commission

by Amanda Banks, Tax-News.com, London

15 February 2007

The government of Barbados is planning to establish a Financial Services Commission with the aim of enhancing the supervision and regulation of financial institutions in Barbados, Minister of Commerce, Consumer Affairs and Business Development, Senator Lynette Eastmond, has disclosed.

According to Eastmond, the proposed commission would integrate regulators of the Co-operatives Department, the Securities Exchange Commission, the Business Development Unit of the Ministry of Economic Affairs and Development and the Office of the Supervisor of Insurance and Pensions.

The minister revealed that “a variety of resources would be at its (the Commission's) disposal to further facilitate the growth and development of the financial sector of Barbados."

At December 2006, the local credit union movement reported just under Barbados $1 billion in assets, distributed among 37 credit unions with a total membership of 143,265 persons.

Eastmond said this positive growth of the credit union movement and its commitment to the financial empowerment of the masses had not escaped government’s attention.

“This outstanding contribution of the movement to the advancement of Barbadian people is well documented. Government has acknowledged that training is vital for all regulators and is committed to ensuring that adequate training is provided to the staff of these institutions,” she assured.

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