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IMF prompts new legislation for Financial Services in TCI

Providenciales, 22 Oct 2015 – The International Monetary Fund or IMF has weighed in on the Turks and Caicos, and among its reporting is that the Financial Services Commission is making progress.

However, the IMF did point out that there needs to be stronger legislation to mitigate risk. The report, conducted in April this year “highlighted that the Financial Services Commission (FSC) as the regulatory authority should further strengthen its capacity for risk and financial stability assessments, notably focusing on the real estate market. It also concluded that a framework for crisis prevention and management should be established.”

Kevin Higgins, Managing Director of the FSC says in a media statement that next for the Commission is implementation, following their own report since the release of the IMF findings. That report for the Turks and Caicos FSC was done in consultation with Richard Holmwood, Head of the Economics and Financial Team at the Foreign Commonwealth Office and the FCO consultant, Steve Johnson who had prepared the “Johnson Review”‎.

The full report is available on: https://www.imf.org/external/pubs/ft/scr/2015/cr15282.pdf

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