BVI FSC Publishes Guidance Notes for Compliance Inspectors

The British Virgin Islands Financial Services Commission has published Code of Conduct for Compliance Inspectors, which will serve as a guidance for members of Commission's Compliance Inspection Team while carrying out the inspection duties.

This Code of Conduct establishes basic standards to be maintained by all inspectors while conducting compliance inspections of the Commission's licensees. Also, the Code of Conduct serves as a guide to the Commission's licensees in terms of what they expect of the conduct of inspectors during an inspection process.

According to the published document, the inspectors must comply with the provisions of the Act and other current statutes or statutory provisions which may be applicable to their functions, including the Commission’s Compliance Inspection Procedures Manual and any guidelines issued by the Commission.

The Code of Conduct sets the duties of Compliance Inspectors, which include duty to discharge responsibilities with integrity, duty to maintain proper records, duty to work within the scope of available resources, duty not to attempt to damage the professional reputation of another inspector or of the Commission, and the need to maintain confidentiality. The document sets relationship between inspectors and the inspections coordinator, and establishes the rules applicable in cases of conflicts of interest. The document also covers other issues concerning the conduct of Compliance Inspectors.