FSA Financial Services Authority

The Financial Services Authority (FSA) of St Vincent and the Grenadines was formed on 12 November 2012, when Parliament passed the Financial Services Authority Act, No. 33 of 2011. It is an independent statutory body, and it supervises both the country's international financial services industry and its domestic non-bank sector.

What it replaced

Three separate bodies were folded into the FSA: the International Financial Services Authority, the Co-operatives Division of the Ministry of National Mobilization and Social Development, and the Supervisory and Regulatory Division of the Ministry of Finance. One authority instead of three means less falls between them, and a small country's supervisory staff are not split three ways.

What the Act asks of it

Protect consumers and see that they are treated fairly. Keep the market sound and the financial system stable. Encourage competition in the sectors it covers.

The FSA administers the Act and supervises regulated firms against the legislation that governs them. Anti-money-laundering and counter-terrorist-financing enforcement sits here too.

How the Act is built

Its provisions follow FATF guidance on money laundering and terrorist financing, and the OECD's requirements on tax transparency. It also gives the FSA stronger access to information, more to enforce with, and the ability to intervene in a crisis — including taking administrative control of an institution where that is needed.

Who runs it

An independent Board of Directors governs the FSA. Its staff work in law, finance, accounting and regulation. Technical support comes from CARTAC, the IMF's Caribbean Regional Technical Assistance Centre.