The Financial Services Regulatory Commission (FSRC) was established under the Financial Services Regulatory Commission Act, No. 22 of 2009 to regulate the non-bank financial sector.
The FSRC is responsible for regulating/supervising the following entities:-
- Insurance Companies (Domestic and Captive)
- Private Pension Plans
- Money Services Businesses
- Credit Unions
- The Development Bank of St. Kitts and Nevis
- Trust and Corporate Service Providers
In addition, the FSRC monitors compliance of all regulated businesses and activities with Anti-Money Laundering and Counter Financing of Terrorism Legislation.
The FSRC also houses the Companies, Trusts, Foundations, Limited Partnerships and Non Governmental Organisation Registries.
The main objects of the Commission are:
- The maintaining of public confidence in the financial system operating in Saint Christopher and Nevis;
- The promoting of public understanding and awareness of the financial system operating in Saint Christopher and Nevis including the awareness of different kinds of investments or other financial dealings and the provision of appropriate information and advice;
- The securing of the appropriate degree of protection for consumers having regard to:-
- The differing degrees of risk involved in different kinds of investments or other transactions;
- The differing degrees of experience and expertise that different consumers may have in relation to different kinds of regulated activity;
- The need that consumers may have for advice and for accurate information.
- We are: the ultimate regulatory body for financial services and for anti-money laundering for Saint Christopher and Nevis;
- We maintain: a general review of the operations of all regulated entities;
- We monitor: financial services business carried on in or from within Saint Kitts and Nevis and to take action against persons carrying on unauthorized businesses, compliance by regulated persons with the proceeds of Crime Act, the Anti-Terrorism Act and such other Acts, regulations, codes or guidelines relating to money laundering or the financing of terrorism and also effectiveness of the relevant enactments in providing for the supervision and regulation of financial services business carried on in or from Saint Kitts and Nevis in accordance with internationally accepted standards.
- We assist: any authorized authority in the investigation of any offence against the Laws of Saint Christopher and Nevis which it has reasonable grounds to believe has or may have been committed by a regulated entity; and cooperate with the Financial Intelligence Unit in the supervision of a regulated entity.
- We advise: and give general information and guidance to the Regulators to maintain contact and develop relations with persons engaged in financial services business in or within St. Kitts.
- We encourage: the development of high professional standards within the financial services industry and promoting industry codes of conduct.