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The Barbados government is moving swiftly to have the much-touted Financial Services Commission, (FSC) in place by next year.
That assurance has come from Minister of International Business and International Transport, George Hutson, who said the administration had already approved its establishment, and expected to have the report from the consultants on a proposed model, by month-end.
He said the FSC would regulate the insurance sub-sector, the co-operative sector, the Stock Exchange and generally the non-banking financial sectors.
"Specific legislation will need to be enacted and the dynamics of the staffing and administrative matters determined. We project that the FSC will be established by the end of the second quarter of 2010," he explained.
In speaking to the island's reputation as a domicile with sound regulation, the International Business Minister added: "The careful and effective supervision and regulation of international business and financial services activity in Barbados constitutes a critical element of Government's policy for the development and expansion of this sector."
"Consequently, ensuring the adequacy and soundness of its legal basis, either through the revision of existing legislation or the introduction of new ones, is fundamental to the achievement of that objective," he added.
Hutson said the establishment of the FSC would, in itself, help to regulate the sector, and "certainly increase Barbados' presence as a financial services domicile of good international reputation".
