BVI’s Financial Services appeal board re-established

The government has reinstated the Financial Services Appeal Board (FSAB) to strengthen transparency and fairness in the financial sector.

The FSAB operates under the Financial Services Appeal Board Act, serving as an independent body to review decisions made by the Financial Services Commission (FSC). Its role ensures that individuals and businesses in the financial industry have a platform to contest regulatory decisions they find unfavourable. 

With its re-establishment, the FSAB now has a mix of new and returning members whose appointments took effect on December 1, 2024. The government confirmed the selection of Arabella Di Iorio as Chairman, Hazel-Ann Hannaway Boreland as Deputy Chairman, and Brittney Smith as a member. Additionally, Rennea Powell has been appointed as Secretary to the Board, providing administrative support to facilitate its effective operation. 

The government is seeking to fill four additional positions to complete the FSAB’s full composition. Qualified individuals are encouraged to apply to support the Board’s efficiency and independence. This move reflects the government’s commitment to maintaining a well-regulated financial services sector that adheres to international best practices while fostering industry growth. 

In recent years, the government has introduced several measures to enhance the financial services sector. These include proposed amendments to the Financial Services Commission Act to address exceptional circumstances affecting the industry, aiming to expedite decision-making processes and align regulations with the Financial Services (Exceptional Circumstances) Act, 2020. The proposed legislative changes also seek to strengthen consumer protection measures by ensuring synergy with the Virgin Islands Deposit Insurance Corporation Act. 

The re-establishment of the FSAB aligns with these efforts, providing a structured process for appeals and reinforcing the territory’s commitment to a transparent and accountable financial environment.

Individuals seeking further information on the FSAB can contact Ms Powell at the Ministry for Financial Services, Economic Development and Digital Transformation via telephone at (284) 468-2009 or by email at [email protected].