JIS News

The Financial Services Commission (FSC) recorded a turnaround in its operations for the year 2003/04, recording a surplus of $16 million, compared to the deficit of $23.7 million incurred the previous year.
According to the FSC’s 2003/04 financial report, which was tabled in the House of Representatives recently, this improvement was due primarily to the increases in revenues, which resulted from the implementation of new fee structures for the securities and insurance industries in September 2003.
Total revenue of $225.91 million was generated for the year, an improvement of $89.97 million or 99.19 per cent above what was earned for the previous financial year.
Fees payable by the securities and insurance industries rose by approximately $85.13 million to $216.37 million, accounting for 95.77 per cent of total revenue, the report noted.
The document said the Financial Services Commission (FSC) continued to pursue its regulatory function in the financial services sector, in order to ensure public trust and maintain the industry’s vibrancy.It explained that the Commission was a relatively new organization, the legislation governing its operations were still evolving, and the Commission had made a number of strides.
The document pointed out that the implementation of new fee structures for the securities and insurance industries had greatly enhanced the FSC’s earning capabilities, and has moved the Commission toward the goal of becoming a fully self-financing regulatory body. Activities during the year included: the promulgation of an amendment to the insurance and securities regulations to incorporate new fee structures; 402 special investigations relating to suspected breaches of relevant acts, complaints received from the public, and the fit and proper status of persons applying to be licensed or registered; and the training of licencees through industry specific seminars, as well as community interactive talks to promote public awareness about the operations of prescribed financial institutions.

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