The Financial Services Commission ("the Commission") is an independent statutory body established in 2001. The Financial Services Commission Act 2008 sets out the functions of the Commission which is responsible for licensing and regulating external financial service providers including domestic banks, international banks, trust companies, insurance companies, mutual funds, corporate service providers, corporations Managers, International Business Companies and Money Sending Services.
The Commission is also the sole oversight body for non-financial service providers, including law firms, real estate agents, car dealers, other sellers of high-value goods and luxury goods. Jewelers and non-profit organizations, and oversee their obligations with respect to anti-money laundering and counter-terrorism legal financing.
The main functions are to supervise the implementation of regulations and to supervise financial institutions in accordance with this Act, and to manage the registry.
1. Manage license applications
2. The regulated persons comply with the Anti-Money Laundering Regulations and any Acts, Regulations, Codes or Guidelines related to money laundering or the financing of terrorism
3. Supervise financial services operations within or from Montserrat and take action against persons holding unauthorized financial services operations
4. To supervise the effectiveness of internationally recognized standards for the supervision and management of financial services businesses conducted by regulatory bodies within or from Montserrat
5. Advise the Prime Minister and the Government of Montserrat on financial services operations
6. To enact new legislation related to financial services businesses, corporations or partnerships; and to maintain contacts and develop relationships with those engaged in financial services businesses within and outside Montserrat
7. Encourage the highly specialized development of the financial services industry
8. To maintain contacts and develop relationships with foreign regulators, international associations of regulators, and other international associations or groups relevant to their functions, and to provide regulatory assistance to foreign regulators in accordance with this or other laws
9. To provide financial institutions and the public with relevant information and advice on financial services businesses
Regulated bodies are:
International Banking, Trust Business, Domestic Banking Business, Insurance Business, Captive Insurance, Mutual Fund, Multinational Corporation, etc.
List of Regulated Banks:
Complain to Licensing Business
Persons complaining about products and/or services of licensed businesses should contact those businesses first and give the business an opportunity to resolve the issue.
Keep written records of all information sent to licensed businesses while making complaints. If communicating by phone, record the person's name and the matter discussed.
File a complaint with the Commission
If your complaint cannot be resolved within a reasonable time, or if you believe it is against the law, you may file a written provision with the Commissioner, who will object to the licensed business. Please note that this committee accepts anonymous complaints.
All complaints will be dealt with professionally and promptly in accordance with our regulatory responsibilities and service commitments.
The Commission cannot represent the complainant in arbitration matters or contractual obligations between the complainant and the licensee. These things are best handled through the judicial system.
If the issue submitted is within its jurisdiction, the Commission will notify you after completing its investigation.
Address: The Commissioner, Financial Services Commission, Phoenix House, P.O. Box 188, Brades, Montserrat
Email: [email protected]