The Financial Services Regulatory Authority [formerly Financial Sector Supervision Unit (FSSU)] is is the single regulatory body which licenses, supervises and regulates the operations of the financial sector. The Authority was established through the enactment of the Financial Services Regulatory Authority Act, No. 13, 2011 (FSRA Act) and commenced its operations in January of 2014 ending the transitional arrangement under Section 48 of the FSRA Act.
The Authority assumed all responsibility of the Financial Sector Supervision Unit (FSSU) and the Credit Union function of the Department of Co-operatives within the Ministry of Agriculture. Additionally, it now regulates the Saint Lucia Development Bank (SLDB).
The Authority’s mission is to maintain the integrity of the financial sector through the efficient and effective administration of the laws and regulations, application of best international standards and practices, and effective supervision of registered entities operating in the sector.
The Authority has the objectives to fulfil general and specific responsibilities enshrined in the respective legislations, to develop a sound financial system, boost market confidence, ensure consumer protection, to ensure that the legislative framework is effective, appropriate and consistent with international standards and best practices, and promote Saint Lucia’s reputation as an efficient financial jurisdiction.In that regard, the FSRA is intrusted with the administration of the following pieces of legislation:
1) Insurance Act, Chapter 12.08
2) International Insurance Act, Chapter 12.15
3) International Banking Act, Chapter 12.17
4) International Mutual Funds Act, Chapter 12.16
5) Co-operative Societies Act, Chapter 12.06
6) Registered Agent and Trustee Licencing Act, Chapter 12.12
7) Money Services Business Act, No.11 of 2010
8) Saint Lucia Development Bank Act No.12 of 2008
Number of Licensees
Domestic Insurance Companies (27), Association of Underwriters (1), Insurance Agents (18), Insurance Brokers (13), Insurance Salesmen (214), Pension Fund Plans (28), International Insurance Companies (37), Incorporated Cell Companies (6), Incorporated Cells (11), International Banks (9), International Mutual Funds (3 public, 9 private), International Mutual Fund Administrators (3), International Mutual Fund Manager (1), Registered Agents (15), Registered Trustees (4), Money Services (4), Credit Unions (16), Secondary Body for the Credit Union Sector (1), Development Banks (1).
There are 6 domestic commercial banks supervised by the Eastern Caribbean Central Bank (ECCB) in St Kitts.
Register of Regulated Firms
For International Business Companies visit: www.saintluciaifc.com
Approved Subsidy 2014/2015: EC$2,142,858.00
T: +1 758 468 2999 E: email@example.com
Staff of the Authority: 19 members