BVI FSC - Chairman of the Board of Commissioners retires
The time has come to change the leadership of the Financial Services Comission (FSC) as far as the Chairman of the Board of Commissioners Mr. Michael Riegels has recently announced that he is retiring.
The governing body of the BVI FSC is the Board of Commissioners. The Board of Commissioners among other responsibilities is charged with FSC policy and its management monitoring in order to ensure safe and efficient use of the resources of the FSC.
The Board of Commissioners consists of the Managing Director as an ex officio member and 4 to 6 other members. The Board is appointed by experienced persons with relevant knowledge in financial services sphere.
Until the retirement of Mr. Michael Riegels, the Board of Commissioners was represented by its Chairman Mr. Michael Riegels, Deputy Chairman Mr. Robin Gaul, Commissioners Ms. Eleanor Smith, Mr. Phillip Fenty, Mr. Martin Fuggle and Mr. E. Walwyn Brewley, and Managing Director, ex officio Commissioner, Mr. Robert Mathavious.
Chairman of the BVI FSC Board of Commissioners Mr. Riegels retired from his post effective 30.04.2006. He was appointed this post in 2002 as considered to be the best Chairman for the FSC because of his experience in financial services in the British Virgin Islands. Until now, there was no publicly announced information about would will take the post of the Chairman of the BVI FSC Board of Commissioners.
The key objectives of the success of the BVI Financial Services Commission are accountability and impartiality. That's why the Financial Services Commission Act established a Board of Commissioners which is the governing body of the Commission.
It's not a secret that the BVI FSC was established as an autonomous body in December 2001, frankly speaking, with some degree of skepticism. But, when 4 years passed, both the skepticism and the fears disappeared. It goes without saying that this was the achievement of Mr. Riegels who was the Chairman of the BVI FSC Board of Commissioners throughout these 4 years.
The Board members found Mr. Riegels to be an excellent Chairman, a good leader, an efficient decision-maker, supporting, guiding and encouraging the entire Board of Commissioners. Mr. Riegels said that he had been glad to serve as Chairman of the FSC for the first 4 years of its existence and had enjoyed the support of the Board of Commissioners and a Managing Director.
Honourable Ronnie W. Skelton, Deputy Chief Minister and Minister of Finance commented on the Chairman's retiring the following way: "With Mr. Riegels at the helm, the Board of Commissioners has adroitly guided the transition of the former Financial Services Department from a government unit to a highly regarded autonomous body responsible for the regulation and supervision of financial services in the BVI."
As to the future plans, Honourable Ronnie W. Skelton said that this year FSC objective is "the realization of providing guidelines to the industry". According to him, the BVI FSC "sees the establishment of a physical presence in Asia as pivotal to improving the efficiency of the services provided to this specialist market, and to reduce the barriers presented by language, culture and business environment." ("Advancing Our Social Services" delivered on 16.12.2005)
The primary functions of BVI FSC are as follows:
The governing body of the BVI FSC is the Board of Commissioners. The Board of Commissioners among other responsibilities is charged with FSC policy and its management monitoring in order to ensure safe and efficient use of the resources of the FSC.
The Board of Commissioners consists of the Managing Director as an ex officio member and 4 to 6 other members. The Board is appointed by experienced persons with relevant knowledge in financial services sphere.
Until the retirement of Mr. Michael Riegels, the Board of Commissioners was represented by its Chairman Mr. Michael Riegels, Deputy Chairman Mr. Robin Gaul, Commissioners Ms. Eleanor Smith, Mr. Phillip Fenty, Mr. Martin Fuggle and Mr. E. Walwyn Brewley, and Managing Director, ex officio Commissioner, Mr. Robert Mathavious.
Chairman of the BVI FSC Board of Commissioners Mr. Riegels retired from his post effective 30.04.2006. He was appointed this post in 2002 as considered to be the best Chairman for the FSC because of his experience in financial services in the British Virgin Islands. Until now, there was no publicly announced information about would will take the post of the Chairman of the BVI FSC Board of Commissioners.
The key objectives of the success of the BVI Financial Services Commission are accountability and impartiality. That's why the Financial Services Commission Act established a Board of Commissioners which is the governing body of the Commission.
It's not a secret that the BVI FSC was established as an autonomous body in December 2001, frankly speaking, with some degree of skepticism. But, when 4 years passed, both the skepticism and the fears disappeared. It goes without saying that this was the achievement of Mr. Riegels who was the Chairman of the BVI FSC Board of Commissioners throughout these 4 years.
The Board members found Mr. Riegels to be an excellent Chairman, a good leader, an efficient decision-maker, supporting, guiding and encouraging the entire Board of Commissioners. Mr. Riegels said that he had been glad to serve as Chairman of the FSC for the first 4 years of its existence and had enjoyed the support of the Board of Commissioners and a Managing Director.
Honourable Ronnie W. Skelton, Deputy Chief Minister and Minister of Finance commented on the Chairman's retiring the following way: "With Mr. Riegels at the helm, the Board of Commissioners has adroitly guided the transition of the former Financial Services Department from a government unit to a highly regarded autonomous body responsible for the regulation and supervision of financial services in the BVI."
As to the future plans, Honourable Ronnie W. Skelton said that this year FSC objective is "the realization of providing guidelines to the industry". According to him, the BVI FSC "sees the establishment of a physical presence in Asia as pivotal to improving the efficiency of the services provided to this specialist market, and to reduce the barriers presented by language, culture and business environment." ("Advancing Our Social Services" delivered on 16.12.2005)
The primary functions of BVI FSC are as follows:
- engendering a proper regulatory environment for financial institutions to provide qualitative products and services to get the economic benefit of the BVI;
- protecting consumers ensuring that those who provide financial services are competent and financially safe;
- sustaining domestic and international confidence in financial services and contributing to the growth and development of this industry;
- providing the education system for those who work in financial services sphere;
- improving the public understanding of risks and benefits related with financial products;
- innovating in financial services and monitoring its legislation effectiveness;
- consulting with the government and financial industry on financial services legislation, regulations, supervisory policy and practices;
- accounting the international nature of financial regulation and business, regular contacting with foreign regulatory authorities.
Labels: BVI Government, Financial Services
posted by Brian Obvi, Offshore Analyst | 4:46 PM
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