The FSA of St. Vincent and the Grenadines
The FSA is responsible to the Government of St. Vincent and the Grenadines for the administration and enforcement of those enactments specified under its governing legislation. Therefore, as part of its mandate, the FSA is charged with ensuring compliance with the FSA Act and other specified enactments, regulations or guidelines. It is also responsible for ensuring that each licensed financial entity is managed correctly and remains financially sound.
The Authority also utilises internationally acceptable prudential standards to assess the condition and financial soundness of institutions that it supervises (IFRS, CAMELS, PEARLS. BASEL I and some components of BASEL II, IACS-ICPs). The FSA, therefore, has the powers to intervene in the affairs of a regulated entity for the purpose of protecting customers. It also receives technical support from the World Bank and is a member of the wider Caribbean Financial associations.
The FSA’s role, functions and powers are outlined in the FSA Act, and its regulatory objectives are enshrined in the FSA’s core guiding principles. These include the protection and fair treatment of consumers, the enhancement of market integrity and financial stability, and the promotion of fair competition.
The FSA’s primary role is to administer the provisions of the FSA Act and all other relevant enactments. Its core function is to supervise the operations of financial entities to promote compliance with their respective governing legislation and other applicable law, including the anti-money laundering (AML) and counter financing of terrorism (CFT) laws of this country. The FSA goes a step further to promote not only compliance with the law but international best practices. The FSA has the ability to expel brokers or financial service companies that break the regulations.
Under SVGFSA regulation, it has an updated list of licensed international banks, mutual funds, insurance and pension plans, credit unions, building and friendly societies and money services businesses on its website. That includes many financial institutions in Saint Vincent and the Grenadines. http://svgfsa.com/licensed-financial-institutions/
The SVGFSA regularly engages in the on-going monitoring of an institution’s financial and operational condition with the objective of ensuring that the institutions comply with the minimum prudential requirements stipulated by the respective legislations. These functions are carried out mainly via off-site surveillance and on-site examinations. The off-site supervision process is conducted through submitted regulatory reports and financial statements as well as periodic trend analysis of selected ratios.
The FSA has a link on its website to enable an investor or otherwise to make a complaint about a financial services company. http://svgfsa.com/contact/