Government seeks advisor for newly established FSC
Monday July 11 2011 | 08:43 AM

FRESH from establishing a new Financial Services Commission (FSC), the Barbados Government is looking for a Consultant to advise the CEO of the new organisation.

This is according to a Government advertisement which said that the consultancy is estimated to be undertaken over a 12-month period.

“The purpose of the consultancy is to provide critical high level strategic and operational support to the Chief Executive Officer during the formative year(s) of the organisation, making good on any knowledge gaps of the CEO necessary for the effective and sustainable operations of the institution,” according to the Government notice. 

The country established the FSC to regulate and supervise the operations of the non-banking financial sector. The FSC, which had been on the cards for many years, brings about the consolidation of the supervisory and regulatory activities of the non-bank financial sector. This has been done through a merger of the Office of the Supervisor of Insurance and Pensions, the Securities Commission and the Co-operatives and Friendly Societies Department.

“To ensure that the [FSC] develops the capacity to carry out its mandate, a number of interventions will be undertaken to strengthen specific components that will affect the Commission’s operation,” said the notice. 

Parliament passed a bill approving the creation of the new body, which is expected to oversee the work of the non-financial services sector. 

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 Co-operatives Department and the Securities Commission.

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.

Last month, Minister of Finance Christopher Sinckler, along with the Board of Directors of the FSC, made a tour of the offices of the Commission.

Chairman of the Commission is Sir Neville Nicholls.