BVI FSC Issues Performance Accountability and Supervisory Standards

The Financial Services Commission published the Performance Accountability and Supervisory Service Standards which were issued in January 2010. The new Policy, measuring service standards within the Commission, will enable its Board of Directors and Senior Management to evaluate performance of the Commission against the functions and standards stated in the Financial Services Commission Act, 2001.

The supervisory service standards set in the Performance Accountability Policy relate to such activities of the Commission as dealing with new licence applications, determining subsequent amendments to an existing licence or authorisation, responding to formal requests for the disclosure of non-public or public information, submitting information for the Gazzette, providing response to complaints made against the Commission, and many others. The introduced supervisory service standards also measure the timeframe in which these tasks should be performed.

The Commission published complete list of supervisory standards for each of its internal divisions including Banking & Fiduciary Services Division, Insolvency Services Division, Insurance Division, Investment Business Division, Registry of Corporate Affairs.

At the close of each quarter, the Commission will produce a quarterly report providing the details of its performance against the agreed service standards.