Overview
The Financial Services Commission (the “Commission”) plays a key role in maintaining the integrity of Barbados’ financial services sector. Effectively and proportionately exercising its enforcement powers is one of the ways that the Commission fulfils its regulatory objectives by enforcing the requirements of applicable legislative and regulatory frameworks in a manner that is transparent, consistent, and aligned with established laws, policies, and procedures.
The Commission is committed to upholding fairness throughout its enforcement actions, thereby ensuring that individuals and entities subject to its powers are treated equitably, while promoting compliance.
Equity Insurance Company Limited
The FSC has taken a series of enforcement actions against Equity Insurance Company Limited, including the revocation of its licence effective December 31, 2025. A Public Advisory was issued on April 10, 2026 following a High Court ruling.
Progressive Co-operative Credit Union Limited
The FSC cancelled the registration of Progressive Co-operative Credit Union Limited effective December 12, 2024. A notice of payout has been issued for eligible members.
About the Financial Services Commission
The Financial Services Commission (the “Commission”) was established in April 2011 as regulator of the island’s non-bank financial sector under the Financial Services Commission Act 2010-21 (“FSCA”). The Commission has wide-ranging powers to enforce the provisions of the FSCA and Specified Enactments, including acting against regulated entities for breaches of applicable laws, guidelines, rules, and regulations. The Commission also derives some of its enforcement authority from the Money Laundering and Financing of Terrorism (Prevention and Control) Act, 2011-23 and the AML/CFT & PF Guideline 2021, as amended.
The Commission regulates and supervises a myriad of entities conducting regulated activities in the Credit Union, Insurance, Occupational Pensions and Securities sectors. It administers the relevant legislation and develops and enforces standards that apply to financial institutions, natural persons and financial products within these sectors. Considering that the non-bank financial services sector comprises entities of varying size, complexity and scope of operations, conducting business in and from within Barbados, the Commission seeks to supervise in a way that is risk-sensitive, right-sized and promotes safety and soundness by market participants.
