Secondary Menu

You are here

Functions

 

The FSC's Core Duties

 

  • Protect consumers by ensuring that all firms and individuals authorised to provide financial services in and from within the BVI are competent and financially sound;
  • Police the perimeter of regulated activities and instigate and pursue enforcement actions against any individual or business that violates BVI financial services laws;
  • Monitor and detect financial crime and assist in the prosecution of such crime;
  • Sustain domestic and international confidence in the BVI financial services industry and contribute to the industry’s growth and development;
  • Ensure a fit and proper regulatory environment in which financial institutions provide quality products and services for the economic benefit of the BVI;
  • Improve public understanding of the benefits and risks associated with financial products;
  • Consult with the industry and government on financial services legislation, regulations, supervisory policy and practices;
  • Provide a system of continuing education for financial service practitioners;
  • Monitor the effectiveness of financial services legislation;
  • Facilitate innovation in financial services; and
  • Take account of the international nature of financial regulation and the financial services business: this includes maintaining regular contact with foreign regulatory authorities.