The Turks and Caicos Islands Financial Services Commission, the regulator of financial service businesses in the TCI, held its Annual Industry Meeting on 25 August 2023, at the Shore Club Hotel on Providenciales.
This meeting brought together over 110 financial services practitioners and industry stakeholders, in addition to online attendees, under the theme: “Navigating Change”.
The meeting saw active participation and engagement with presenters, which included Her Excellency Governor Daniel-Selvaratnam, Hon Premier Misick, Hon Deputy Premier Saunders and Mrs Cindy Scotland, Managing Director of the Cayman Islands Monetary Authority who delivered the feature address.
A panel of local and international experts provided an engaging, informative and policy focused discussion on positioning the TCI to respond adequately and appropriately to the dynamic changes taking place in the financial services sector locally and internationally.
The Premier in acknowledging the financial services as critical to the growth of the economy charged ‘private sector actors’ to find more opportunities to expand the industry proportionate to the growth of the economy. He committed to ensuring that the Commission is provided with the resources necessary to effectively regulate the industry.
The Deputy Premier and Minister of Finance emphasised the urgency in developing the financial services industry. He pointed to the government’s support for the industry through the creation of an agency dedicated to the promotion and growth of the industry.
The Commission’s Managing Director, Niguel Streete, noted the pace of change in the financial services sector and encouraged stakeholders to play their part in ensuring that the TCI remains a credible, well regulated and stable financial centre.
He highlighted the need to nurture the interest of the next generation in the sector and confirmed that the financial sector was stable with the ability to absorb elevated short-term risk.
Commissioner Susan Francois, as a panellist, referenced the growth and widespread use of crypto currencies as a phenomenon that should receive urgent attention. She admonished the TCI to urgently respond to the Financial Action Task Force (FATF) Recommendation 15, which specifically requires countries to legislate either to permit or prevent virtual assets.
The meeting followed a three-year hiatus due to the COVID-19 Pandemic and will continue as an important annual event on the Commission’s calendar.
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