The Financial Services Commission of Barbados (the “Commission”) as the regulator of non-banking financial services in Barbados will introduce a series of guidelines that applies to entities licensed and/or registered pursuant to the Financial Services Commission Act 2010-21, and the Co-operative Societies Act Cap 378A. The rationale of these guidelines was outlined in a consultation document which was circulated to the industry for comments in December 2012.
The period for submission of comments has ended and the Commission has summarized and reviewed the comments received. Accordingly, the Commission has amended the guidelines and has provided feedback with respect to comments. However, the Commission welcomes the dialogue with the industry and will consider proposals and comments from the industry outside of consultation periods.
A summary of the substantive comments received with regards to recommended amendments to the guidelines and the Commission’s response to those comments are included in the attached document. The guidelines will be finalized and issued to the sector thereafter. Both the guidelines and the post-consultation document will be posted on the Commission’s website.
Questions related to the guidelines should be addressed to the following:
Chief Executive Officer
Financial Services Commission
#34 Warrens Industrial Park
Attention: Credit Union Division