Newly appointed chairman of the Financial Services Commission (FSC), Sir Patterson Cheltenham, has issued a firm warning to all entities under the regulator’s oversight: there will be no compromise when it comes to governance and accountability.
Delivering the annual FSC Chairman’s Update on the opening day of the Barbados Risk and Insurance Management (BRIM) conference on March 26, an event hosted by BIBA, the Association for Global Business at the Wyndham Grand Barbados Sam Lord’s Castle, Sir Patterson made it clear that “strong governance is non-negotiable”.
The former chief justice emphasised that the commission was intensifying its focus on governance across all sectors within its remit, ensuring there is “prudent management and protection of members’ interests”.
He pointed to the FSC’s recently released 2025 Administrator’s Quick Guide for Pensions as a key step in that direction, noting that it “reinforces that administrators are accountable – not just for filing returns, but for the prudent management and protection of members’ interests. This same principle extends across our regulatory remit.”
Addressing a packed audience of local and international delegates, he reiterated, “Whether pensions, insurance, securities or the credit union sector, strong governance is non-negotiable.”
Sir Patterson explained that while the FSC remained committed to vigilant enforcement, it was also adopting a more collaborative approach with stakeholders. This includes developing frameworks that are “flexible yet resilient” in a rapidly evolving financial environment.
The Commission will host a series of cross-sectoral consultations next month, aimed at gathering stakeholder input on a framework designed to expand opportunities while maintaining high regulatory standards.
“For the past year, the FSC has been engaged in a comprehensive Legislative Reform Project. We are not simply updating rules; we are seeking to fundamentally modernise the supervisory architecture of our financial services sector – making it more principles-based,” he said.
Greatest scrutiny
Sir Patterson added that the FSC intends to develop policy positions in which “the greatest scrutiny is placed on areas that pose the greatest risk to the stability of the financial system and to Barbados’ reputation”.
He described the reform effort as “an ambitious and necessary project aimed at establishing a comprehensive set of modern legislation and guidelines over a two-year timeframe”.
In his remarks, Sir Patterson also challenged the global business sector to play a more active role in promoting Barbados as a premier financial services jurisdiction – mirroring the success achieved in the tourism industry.
He cautioned against complacency despite Barbados’ ranking as seventh globally in domiciled captives, stressing the need for continued growth and innovation.
Sir Patterson also reminded delegates that competing jurisdictions, including the United Kingdom, are actively expanding their presence in the captive insurance sector, thus increasing global competition.
While reaffirming Barbados’ emphasis on ease of doing business, the retired jurist underscored that “we must not forget the significant role that supervision and regulation play”, adding that the FSC is working to position strong oversight as a comparative advantage for the island.
He also took the opportunity to pay tribute to his immediate predecessor, Oliver Jordan, acknowledging his contribution to the Commission’s work. (PR/SC)
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