Minister of Finance, Christopher Sinckler, is giving the assurance that the Financial Services Commission (FSC) will always be on top of the situation, by ensuring that the island’s regulatory framework is "iron clad".
He gave this undertaking today, during a press briefing following a tour of the FSC’s Cotton Park Building, Walrond Street, the City.
The Finance Minister added: "That is why we [Government] have established the FSC and have made substantial changes to the law. Of course, there are other things that we have to do in terms of other types of legislation which affect the work of the Commission.?? Regulation is always a difficult exercise because those who function in these sectors, operate at nano seconds … they change their products and services and do all sorts of things not necessarily to defraud anybody, but to maximse profits that would result in greater shareholder benefits."??
Mr. Sinckler further stated: "The work of the FSC is to ensure that we protect the interest of those persons in the society, who cannot avail themselves of the resources to do so and that means to have copious levels of rules for regulation that would not inhibit the conduct of business.?? The two can stand together and I think that once the Commission, as properly staffed, would be in a position to execute its responsibilities to monitor, evaluate and analyse those products, services and practices, which private sector entities carried out on a day-to-day basis…," he surmised.