International Press Causes Serious Damage To Financial Sector


“We can’t rest on our laurels,” Managing Director/CEO of the BVI Financial Services Commission Robert A. Mathavious told the members of the Financial Services Industry during the Society of Trust and Estate Practitioners (STEP BVI) conference.
At the event held on Wednesday 7 October at Maria’s By the Sea Mathavious stated that the industry continues to face challenges and he announced that the stakeholders have to be proactive in order for the sector to remain competitive.

The FSC Managing Director stated that financial centres, financial services practitioners, financial services regulators and indeed anyone associated with the financial services industry continue to take a beating in the international press. These attacks, he said has caused the reputation of the industry to be at an all-time low. “This is the reality of the New Playing Field for cross-border financial services,” he explained.

Therefore, Mathavious announced that industry practitioners and regulators must adopt and be prepared to learn new skills. In fact, the FSC CEO said that stakeholders need to inculcate a culture in which training and improvement are the norm.

The Managing Director said: “If the BVI is to continue to be a relevant player in this New Playing Field, our watchword, our mantra and our resolve must be to learn and evolve.  In this regard, it must be agreed that mastering one’s craft includes lifelong learning to keep abreast of industry developments and requirements as well as to update and refresh one’s skills.”
“For our sector to continuously evolve and keep pace with the latest international market developments, we need to boost the confidence of investors in the jurisdiction and the expertise, wisdom and experience of its practitioners… The financial services sector is truly a global sector. It knows no borders. In this dynamic and highly competitive sector, one cannot be complacent – resting on our laurels cannot be an option,” he added.