Saunders Calls for Bold Overhaul of Financial Services Sector at TCI Finance AGM
- Vivian Tyson, NewslineTCI Editor
- 2 hours ago
- 3 min read
Hon. E. Jay Saunders, Minister of Innovation, Technology and Information and Co-Chair of TCI Finance Ltd, has issued a candid assessment of the Turks and Caicos Islands’ financial services sector, warning that the country continues to lag significantly behind regional competitors such as Bermuda, the Cayman Islands and the British Virgin Islands.
Delivering the keynote address at the 1st Annual General Meeting of TCI Finance Ltd recently, Saunders said the occasion was intended to serve as a “national checkpoint” rather than a ceremonial milestone, a moment to speak frankly about what is and is not working and to chart a more effective course forward
“TCI Finance is not only an institution. It is a catalyst,” Saunders told attendees, outlining the organisation’s mandate to help build a modern, inclusive and resilient financial services sector that strengthens the domestic economy while earning international confidence
Falling Behind Regional Peers
Saunders noted that since 1976, successive governments have aspired to establish financial services as the second pillar of the economy alongside tourism. Despite those ambitions, he said the Turks and Caicos Islands remains largely viewed as a non-player globally, with some traditional areas of activity showing signs of contraction rather than growth.
He contrasted local performance with that of leading small jurisdictions, pointing out that the Cayman Islands government collected approximately CI$379 million (US$455 million) in financial services licence revenue in 2024. The British Virgin Islands’ government share of financial services fees reaches into the hundreds of millions of US dollars, while Bermuda’s companies fees generate tens of millions annually. By comparison, TCI’s regulatory fee income remains in the low double-digit millions
“I am not saying this to discourage us,” Saunders said. “I am saying it to clarify the mission. The goal is not to polish what exists. The goal is to build what is missing.”
Why Others Outperform
According to Saunders, the success of Bermuda, Cayman and the BVI lies in their development of repeatable products supported by efficient, trusted systems. Cayman has built a global franchise in funds and private wealth structures, Bermuda has specialised in insurance and reinsurance, and the BVI has created a high-volume, world-class corporate registry.
“These jurisdictions compete on trust, speed and certainty,” he said, noting that such advantages are reinforced by clear rules, consistent supervision and strong ecosystems of legal, administrative and compliance professionals.
Charting a New Path
Saunders said the global financial services landscape is shifting rapidly toward digitised compliance, real-time supervision, tokenisation of real-world assets, regulated digital assets and stronger governance and transparency standards.
Rather than attempting to replicate competitors wholesale, he argued that TCI should pursue a premium, well-governed and digitally excellent niche strategy.
He proposed two immediate and practical steps: transforming the Corporate Registry into a fully digital, fast and reliable growth engine similar to the BVI model, and adopting Cayman-style discipline by focusing on one or two modern niches, such as private wealth vehicles and properly regulated structures for fractionalised real estate and other real-world assets.
Local Engagement Key to Growth
Saunders also stressed that the sector’s success depends on domestic understanding and participation, emphasising the importance of financial literacy and public trust.
“A developed financial services sector is one that is understood, trusted and used by its own people,” he said, adding that collaboration among policymakers, regulators, institutions and innovators will be essential if the country is to achieve targeted growth of 25 to 30 per cent annually over the next five years.
He concluded by urging decisive execution, warning that global financial markets will continue to evolve regardless of TCI’s pace of reform.
“The puck is moving, with or without us,” Saunders said. “The story of the TCI financial services sector must become a story of arrival, not someday, but on a timetable.”