OECD Survey: BVI First by Financial Behaviour

The findings of international financial literacy survey, which was undertaken in 14 countries around the world by the Organisation for Economic Cooperation and Development (OECD) International Network on Financial Education (INFE), were recently published in the OECD paper. According to these findings, the British Virgin Islands jurisdiction has the highest score in positive financial behaviour when compared to other countries.

The survey measuring financial literacy analyses the differences in financial knowledge, behaviour and attitude across countries and within countries, mainly by socio-demographic characteristics. The authors of the survey consider that the survey “provides the first ever rich and detailed insight into the financial literacy of diverse populations,” and say the findings also highlight reasons for concern.

The BVI shows average results in the financial knowledge section, but scores highest in the section of financial behaviour – followed by Malaysia and Germany. Financial behaviours noticeably vary across countries. BVI, Malaysia and Germany are active savers, while Hungary, Estonia and Armenia are less active in saving. The BVI, Peru and Armenia are more likely to set long term financial goals, while in Germany, UK and Ireland people choose active financial products.

In the financial attitude section, BVI follows Albania, Peru, Hungary and Norway, with their most positive attitude towards planning for the future.

Analysing financial literacy in relation to demographic factor, the authors of the survey expressed their concern about the gender gaps. In the BVI, 78% of men and only 66% of women gained high score for financial behaviour. There are also differences by age, education and income.

The 14 countries for the international pilot study were the British Virgin Islands, Albania, Armenia, Estonia, Germany, Hungary, Ireland, Malaysia, Norway, Peru, Poland, South Africa, and the United Kingdom. Among them, the BVI and Germany are the top countries with high levels of financial literacy. In 12 countries, the original survey was completed in 2010, and BVI and Albania completed the survey in 2011.

By the definition of the OECD, financial literacy as “a combination of awareness, knowledge, skill, attitude and behaviour necessary to make sound financial decisions and ultimately achieve individual wellbeing.”

Commission Publishes Restrictive Measures Concerning Iran and Libya

The British Virgin Islands Financial Services Commission has published Advisory Warnings concerning the requirement for the public to comply with the requirements of The Iran (Restrictive Measures) (Overseas Territories) Order 2011, and The Libya (Restrictive Measures) (Overseas Territories) (Amendment) Order 2011.

The Order concerning Iran came into force on 16 December, 2011, and was made as a result of the European Union in Council Decision 2011/235/CFSP on 12 April, 2011, calling upon member states to freeze the funds and economic resources, of certain persons responsible for human rights violation in Iran. The Amendment Order on Libya came into force of 18 November, 2011, as a result of the United Nations Security Council Resolution 2009 (2011) adopted on 16 September, 2011, which called to apply certain measures to give effect to decisions of that Council in relation to Libya.

The Amended Orders include the full list of designated persons in each of the two countries to whom the measures concern.

Advisory Warning No. 3 Published by the BVI FSC

The British Virgin Islands Financial Services Commission has published Advisory Warning No. 3, concerning the investment company INVESTMENTCODE Inc., which is offering investment opportunities on its websites at http://invcode.com, and presenting itself as being incorporated and registered in the British Virgin Islands. In the Advisory Warning, the FSC informs that INVESTMENTCODE Inc. is not and has not at any time been incorporated or registered in the BVI jurisdiction or licensed by the Commission.

The public is also invited to provide the Commission with any relevant information on other questionable entities which are operating in or from within the BVI territory.