Effective Monday December 21st 2020, the offices of the Financial Services Commission (FSC) will be relocated to Bay Corporate Building on Bay Street, St. Michael. Please see notice for additional information.
The Financial Services Commission is cognisant of the developments related to COVID-19, the national response to the pandemic, and the potential impact on the non-bank financial sector and its customers. Please see circulars for information on the Commission’s response in respect of its operations and that of regulated entities.
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:
- 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