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.