Connect with us

News

Financial Services Commission Holds Annual Meeting with the Industry under the theme ‘Regulating for Stability and Growth’

Published

on

Providenciales, TCI, December 7, 2016 -The Financial Services Commission held its Annual Meeting with the financial services industry in Providenciales on 1 December 2016.  The meeting, which was held under the theme ‘Regulating for Stability and Growth’, brought together policymakers such as H E the Governor and the Minister of Finance, Investment and Trade, and persons regulated by the Commission.  The meeting provided a forum for a constructive discussion on the role of regulation in financial sector development.

The Chairman of the Commission, Sir Errol Allen, set the stage for the meeting with an address focused on developments regionally and internationally for diversify the financial services industry and reducing its dependence on traditional banking.  He concluded thatthe Commission cannot be oblivious to developments taking place across the international financial system, and while these developments may not arrive at our doorsteps in quick time, it is important that we be prepared to make our jurisdiction adaptable to change in a vastly competitive environment.”

H E the Governor and the Hon Minister of Finance both reaffirmed their commitment to the development of the financial services sector in the TCI.  The Governor noted the need for economic diversification to reduce the jurisdiction’s dependence on one sector, tourism.  He also recognized that a strong institutional framework – such as, the rule of law, education, immigration policy, a good reputation – was important for financial sector development.  fsc-annual-meeting-h-e-governor-niguel-streete-hon-c-w-misickThe Minister stressed the importance of maintaining a strong working relationship between the Commission, regulated sectors and the Government.  This relationship should lead to the development of a comprehensive strategy focused on the TCI’s competitiveness.

The meeting deliberated on the impact of de-risking, which results in certain sectors losing access to banking; financial inclusion and how to provide more persons with access to the financial system; the competitive advantages, if any, of establishing a beneficial ownership registry; the need for more modern legislation to facilitate the development of a wider suite of competitive products; and the need for more investment from all stakeholders in financial sector development.

The Minister committed to continuing to work with the banks locally and at the level of their regional and international head offices to find a solution to the de-risking phenomenon.  Financial inclusion was being addressed in part by the recent introduction of credit union legislation.  The Commission committed to continuing work on the modernization of financial legislation in 2017, with priority being given to banking, insurance and mutual funds legislation.  All stakeholders will be engaged in discussions on the issue of a beneficial ownership registry.

The Commission’s Managing Director, Mr. Niguel Streete, provided an overview of the Commission’s strategic plan for the next three years. Mr Streete noted that Financial sector stability is critical to economic development; accordingly, the Commission is well placed, through the quality of its regulation, to pay a pivotal role in national development”.

 

#MagneticMediaNews

 

Continue Reading

News

ANDY BURNHAM, NEW UK PM’S FIRST ORDER: LOWER THE COST OF LIVING

Published

on

Britain’s new Prime Minister launches his administration with tax relief aimed at easing pressure on household budgets as affordability becomes a defining issue for governments worldwide.

 

By Deandrea Hamilton | Magnetic Media

 LONDON, England — Andy Burnham has wasted little time signaling a new direction for the United Kingdom, making the cost of living the first priority of his administration with a plan to reduce household electricity bills through tax relief.

The newly elected Prime Minister announced that Value Added Tax (VAT) will be removed from domestic electricity bills beginning October 1, describing the measure as part of a broader effort to make everyday life more affordable for working families. The move fulfills a key campaign promise and marks an early shift in the government’s economic agenda.

Burnham inherits a nation still grappling with stubborn inflation, rising household expenses and years of political turnover. His opening policy signals an intention to focus on practical measures that deliver immediate financial relief while restoring confidence in government.

The announcement also resonates across the Caribbean, where affordability remains a pressing concern. In the Turks and Caicos Islands, the Government has just concluded its one-time cost-of-living assistance programme for qualifying residents. While the approaches differ, both reflect a growing recognition that easing financial pressure on households has become one of the defining challenges facing governments today.

Continue Reading

News

Six Unauthorised Structures Demolished During Multi-Agency Planning Enforcement Operation

Published

on

Before demolition

After demolition

Providenciales, Turks and Caicos Islands – Friday, 17 July 2026: The Planning Department, with support from the Informal Settlements Unit (ISU), and the Crown Land Unit conducted a coordinated enforcement operation on Thursday, 2 July 2026, resulting in the demolition of six unauthorised structures on private property at Block and Parcel 60502/48. Security for the operation was provided by the Royal Turks and Caicos Islands Police Force.

The enforcement action followed the issuance of an Enforcement Notice by the Planning Department on 29 January 2026, advising the persons responsible for the structures that they had been erected without the necessary planning approval and were required to be removed. Following the expiration of the compliance period, a multi-agency operation was organised to carry out the demolition.

Before demolition activities commenced, personnel conducted a comprehensive inspection of the site to confirm that all structures were unoccupied and free of gas cylinders or other hazardous materials. These precautionary measures were undertaken to safeguard the welfare of both the enforcement teams and the public while ensuring the operation was carried out safely and efficiently.

Upon completion of the exercise, participating agencies returned to Police Tactical Headquarters for a debrief, marking the successful conclusion of another coordinated enforcement effort.

The Government of the Turks and Caicos Islands reminds members of the public that all construction activities must receive the appropriate planning approvals before work begins. The Planning Department will continue to work alongside its partner agencies to enforce the Planning Ordinance, promote orderly development and ensure that construction throughout the Islands complies with the applicable laws and regulations.

Members of the public are encouraged to familiarise themselves with the planning approval process and to seek guidance from the Planning Department before undertaking any development to avoid enforcement action and loss of money invested.

Continue Reading

News

DDME’s Hurricane Hunt Scavenger Hunt Sparks Community Spirit and Storm Preparedness in Providenciales

Published

on

Department of Disaster Management and Emergencies: Providenciales, Turks and Caicos Islands — Fifteen teams raced across Providenciales on Saturday July 4th for the inaugural DDME Hurricane Hunt, a community scavenger hunt designed to combine friendly competition with hurricane preparedness education.

Teams were given a bag of supplies and 15 cryptic clues, participants had less than two hours to pinpoint locations and collect hurricane must-haves; including water jugs, shovels, flashlights and other supplies that every household should have on hand ahead of a storm.

The challenge tested not only participants’ local knowledge and navigation skills, but also their teamwork under time pressure; all while reinforcing practical lessons about what it takes to stay ready when a storm approaches.

Beyond the hunt itself, the event drew a lively crowd of families and supporters who turned out to enjoy a full day of festivities. Attendees took part in games, received free gifts, face painting, canvas painting, bounce houses and visited vendor booths; while enjoying fresh food off the grill throughout the afternoon.

“This event brought together the best of both worlds; a fun, high-energy competition and a meaningful reminder of how important it is for our community to be prepared,” Mr. Aaron Ballantyne, Community Preparedness Officer for Providenciales. “Seeing 15 teams fully engaged, racing to landmarks across the island while learning what belongs in a hurricane kit, was exactly the outcome we hoped for.”

DDME extends their sincere gratitude to the stakeholders that partnered with the event and generously donated their time, resources and efforts to make it a success: The Turks and Caicos Islands Red Cross, The Oseta Jolly Primary School, The Royal Turks and Caicos Islands Police Force, Do It Center (Building Materials), KB Homes, Digicel TCI, Frost Cay and Clint Grilling and Catering Services, along with all other vendors who were solicited.

The event’s success was also made possible by the private organizations and government departments that opened their locations to serve as scavenger hunt sites, allowing the hunt to unfold across the island; from Chalk Sound to Long Bay.

The quick thinking first place team consisted of; Neekimo King, Keturah Miller-Brown, Lashaunda Dickenson and Kebba Thomas who all walked away with exciting prizes.

Ms. Bernadya Smith, Public Information and Media Manager stated; “With hurricane season underway, this event, along with our recent Hurricane Expo held in Grand Turk and community pop-ups throughout the country, is a testament to DDME’s commitment to blending community engagement with year-round storm readiness. We look forward to making this event an annual staple that brings families together while keeping preparedness at the forefront of every community we serve.

Follow DDME social media pages to stay up to date with upcoming events and to join their weekly quizzes for a chance to win exciting prizes all hurricane season long.

Continue Reading

FIND US ON FACEBOOK

TRENDING