The Commission is an independent statutory body tasked with the supervision of the financial services sector. The Commission, which is also responsible for the oversight of company formation and registration, is accountable for its performance to the Governor of the Turks and Caicos Islands.
The Commission was established under the Financial Services Commission Ordinance 2001 and continued by the Financial Services Commission Ordinance 2007 to regulate the financial services industry.
The legislation applicable to each particular area of the Commission’s responsibility is located in the area of the website dedicated to that type of business activity.
The Mission of the Commission is to encourage and maintain public confidence in the financial services industry in the Turks and Caicos Islands.
The Vision of the Commission to be a respected, fair, effective and risk-focused integrated regulator which facilitates financial sector stability and economic development.
In carrying out its mission the Commission will be guided by the following set of values:
- Integrity: being forthright, honest, ethical and consistent in its dealings with stakeholders;
- Transparency: being open and accountable in its dealings and facilitating consultation with stakeholders;
- Independence: ensuring that regulatory and operational decisions are objective, balanced and free of undue influence from related parties;
- Efficiency: managing resources effectively in order to deliver value for money.
Functions Of The Commission
To administer the financial services Ordinances;
- To supervise the conduct of financial services business;
- To monitor financial services business carried on and its development, in or from the Islands
- To monitor the effectiveness of the financial services Ordinances in providing for the regulation of financial services to internationally accepted standards;
- To promulgate codes of good conduct in financial services business;
- To promote the continuing development of professional standards within the financial services industry;
- To advise the Governor of the Turks and Caicos Islands on matters relating to financial services;
- To consult with similar institutions out with the Islands; and
- To consider whether to carry out any other tasks which it may be asked to perform.
- In carrying out its functions the Commission shall take account of:
- The protection of the public against financial loss arising out of the dishonesty, incompetence or malpractice of persons engaged in the financial services business; and
- The protection and enhancement of the reputation of the Islands as a financial services centre.