The Financial Services Authority was created on November 12, 2012, through the Financial Services Authority Act. This act set up a single organization to oversee specific businesses in the financial sector and manage regulated issues. Parliament established the Authority to create a new system for managing and supervising both the international financial services industry and local non-bank institutions. This organization merged three regulatory bodies: the International Financial Services Authority (IFSA), the Co-operatives Division of the Ministry of National Mobilization, Social Development, and the Supervisory and Regulatory Division within the Ministry of Finance. This merger has brought significant benefits by improving operations, consolidating resources, and boosting efficiency.
The Financial Services Authority Act, No. 33 of 2011 clearly outlines the role of the Authority. A board of directors oversees its operations. The FSA’s mission comes from its legal objectives. According to the Financial Services Authority Act, No. 33 of 2011, the FSA is authorized to manage, supervise, and grow the non-bank financial services sector in St. Vincent and the Grenadines.
The FSA is accountable to the Government of St. Vincent and the Grenadines for managing and enforcing the laws listed in its governing legislation. To fulfill its role, the FSA ensures compliance with the FSA Act and other relevant laws, regulations, or guidelines. It also makes sure that each licensed financial entity is well-managed and financially stable. The FSA has the authority to intervene in the operations of a regulated entity to protect customers.
The FSA provides efficient and professional service to the IFS and non-banking financial services sectors. The setup of international business companies, limited liability companies, and international trust registrations can be completed in one business day. All international business transactions are carried out through a ‘Registered Agent & Trustee’. The Registered Agents & Trustees are licensed and regulated by the Authority under rules established by the Registered Agent Trustee (Licensing) Act, Chapter 105 of the Revised Laws of St. Vincent and the Grenadines 2009.
The FSA also seeks to provide timely and reliable information on international initiatives that affect the financial services sector. The Authority represents the Minister of Finance on various international initiatives, including those from the OECD.
