The Financial Services Commission (FSC) is an integrated regulatory body, established on April 1st, 2011 by virtue of the Financial Services Commission Act (2010). We are responsible for supervising and regulating non-bank financial institutions in Barbados, particularly those entities licensed or registered under the following Acts of Parliament:
Exempt Insurance Act, Cap. 308A
Insurance Act, Cap. 310
Occupational Pension Benefits Act, Cap. 350B
Securities Act, Cap. 318A
Mutual Funds Act, Cap. 320B
Co-operatives Societies Act, Cap. 378A (as it relates to the services provided by a credit union)
FSC's main functions include those previously discharged by the former Securities Commission, Supervisor of Insurance and Pensions, and the Co-operatives Department, in so far as it relates to credit unions.
The organisation is therefore responsible for:
Administering specified enactments, including the licensing or registering of financial institutions.
Supervising and regulating the operation of financial institutions.
Establishing standards for institutional strengthening, for the control and management of risk in the financial services sector and for the protection of consumers and creditors of financial institutions.
Promoting stability, public awareness and public confidence in the operations of financial institutions.