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Slowdown experienced in financial services; Premier to discuss status of sector

BVI News Staff - Thursday, January 5th, 2012 at 9:39 AM

Premier Hon. Dr. Orlando Smith

Premier and Minister of Finance Dr. D. Orlando Smith has said the Virgin Islands has experienced a slowdown in some of its financial products as the BVI Financial Services Commission (BVIFSC) celebrates its 10th anniversary, according to a statement on his Facebook profile this morning.

“The territory has experienced some slow-down in some of the financial products we offer such as captive insurance so we need to explore how to improve our offerings while identifying new ones,” he said. “We also need to improve local participation in the sector and ensure that companies partner with us to develop our human resources while we enhance our responsiveness to the needs of investors.”

The Premier also disclosed on Facebook that he will be speaking this morning at a meeting at the Eileene L. Parsons Auditorium organized by the Financial Services Commission to discuss “the status of our financial services with leading members of the sector”.

“Maintaining and increasing our competitiveness in the global financial industry depends on the vitality of the territory’s brand,” he said. “As the FSC observes its tenth anniversary, there is no time like the present to assess where we are, where we are going and how we will get there.”

“I should also like to take the opportunity to congratulate the FSC on its anniversary and to thank Mr. Mathavious and all his hard-working staff for everything they have done and continue to do to make the Virgin Islands a leading contender in global finance,” Dr. Smith added.

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5 Comments

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  1. school children
    January 5, 2012
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    vip already told us that

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    • School Children Hmmm
      January 6, 2012
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      So what if they did, the question is did they do anything about it?

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  2. THE JUDGE
    January 5, 2012
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    Unfortunately, this can be likened to holding a bird in the hand.Apply too much pressure and you will squeeze it to death. Hold it loosely and you loose control of it. Its all a balancing act. Regrettably, the BVI is not in the drivers seat. By and large, we respond to international pressures.

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  3. Not2Sure
    January 5, 2012
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    It is not too hard to see why the Finance Services sector is slowing down. Part of it is the world economy, but the other (bigger) part is that the industry is being strangled to death by regulation. Contrary to what the FSC believes, international clients prefer lighter regulation, not heavy and burdensome (and increasingly arbitrary) regulation. I am amazed we have any captive insurance industry left at all given the way that the FSC behaves in relation to regulated insurance companies.

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    • Ray
      January 5, 2012
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      Agree in part. In particular the strangulations to death by regulation as you put it. I am not certain which regulation you are referring to (Internal vs. External) but certainly with the new financial disclosure agreements signed between the government and many major economies, this was foreseeable.

      As for the behavior of FSC, I have little knowledge of their actions and any affect such actions may be having on the industry. Perhaps, you might which to elaborate more and educate people like me.

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