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Barbados has established a Financial Services Commission, designed to regulate and supervise the operations of the non-banking financial sector.
The Minister of Foreign Affairs and Foreign Trade, Senator Maxine McClean, said on March 8 that Parliament had recently passed a bill approving the creation of the new body which, she explained, is expected to oversee the work of the non-financial services sector. McClean said: "The creation of this new entity entails the strengthening and consolidation of the functions carried out by the Supervisor of Insurance, the credit union arm of the Cooperatives Department and the Securities Commission", adding that: "Barbados now has in place a supervisory and regulatory regime that is efficient and effective enough to govern the country's overall financial system and ensure that it continues to operate at a standard that satisfies best practices."
According to the Minister, the Commission's establishment is intended to strengthen the system, for: "As we become more sophisticated in our operations, the level of regulation has to change [and] the degree and scope of regulation has to be enhanced."
"The creation of this new body is not intended to restrict the practices of private sector organizations and third sector organizations - as I like to call [financial] cooperatives, as they seek to deliver service to Barbadians. It is meant to encourage prudent corporate principles which will preserve their long-term stability and secure the financial services sector," she explained.
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