Compliance Essay

3412 words - 14 pages

This paper is being written in response to an assignment that has been given by the International Compliance Training for the International Diploma in Governance, Risk and Compliance. It looks at the factors surrounding financial services compliance along the industries lines of legislative, economic, industry driven, political, environmental and possible scandals relating to all of these areas.

The information has been gathered from the British Virgin Islands jurisdiction from sources such as Financial Services Commission, British Virgin Islands Government and internationally, from the International Monetary Fund, the Organization for Economic Co-operation and Development and the text, ...view middle of the document...

The Financial Services sector especial the company and trust business are the main resources in the British Virgin Island and as it burgeoned to become the largest and most critical component of government revenue and the linchpin of the British Virgin Islands overall economy.

However, the landscape began to change in 2007 to 2008 following the global economic recession and as a result political leaders of G20 countries demanded that there be a renewed focus on offshore jurisdiction around the world. This increased international pressure, required more compliance and transparency by licensed service providers hence the British Virgin Islands regulation have to be amended to remain in the core business of company incorporations.

In view of (Hon. Dr. D. Orlando Smith, 2014) Premier’s report, which provides a brief synopsis on Building on a Thriving and Sustainable Financial Services sector in the British Virgin Islands. He stated, “The British Virgin Islands over the past 30 years, has established a leading position in the company incorporations. A robust, easy-to-use and adaptable legal and regulatory framework made the British Virgin Islands jurisdiction’s products superior to that of many peers. Company incorporation grew more than five times compared with our peers from 1993 to 2013.”

The United Kingdom was similar to the British Virgin Islands with a single regulatory body. In 2013 a new macro-prudential regulator was created as a Division of the Bank of England’s Financial Policy Committee. This new regulator has oversight over the new prudential regulator called the Prudential Regulation Authority. Since the introduction of Prudential Regulation Authority, The Financial Services Authority was renamed the Financial Conduct Authority introducing a ‘Twin peaks’ approach to the United Kingdom. The Conduct Authority is responsible for conduct of business regulations (International Compliance Training, 2015).
It is noted that the financial crisis in 2007 to 2008 demonstrated that the single regulatory body had too broad a remit and insufficient focus to identity and tackle the issues sufficiently early to mitigate the lost occurred due to the financial crisis hence the failure of Financial Services Authority.

Ironically, the Financial Services Commission still has a single regulator body that is responsible for the banking, insurance, securities and mutual funds sectors in the British Virgin Islands. So what makes the British Virgin Islands different from the United Kingdom? Lets look at the objectives of legislation that the factors that help shaped the regulatory environment.

The objectives of legislation

(International Compliance Training, 2015) states the objectives of legislation are as follows:

1. Investor/Consumer Protection - The aim of this objective is to protect the consumer. Many consumers are not adequately equipped to fully understand the complexities of the products and services...

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