Dr Robert A. Mathavious, Managing Director/CEO, BVI Financial Services Commission, believes industry practitioners and regulators must adopt and be prepared to learn new skills and to inculcate a culture in which training and improvement are the norm if they are to stave off and eventually reverse the constant beatings they receive in the international press. Photo: VINO

Participants of the Society of Trust and Estate Professionals (STEP) conference held yesterday October 7, 2015. Photo: VINO

Premier Dr The Hon D. Orlando Smith giving his remarks at the opening of the Society of Trust and Estate Professionals (STEP) conference held yesterday October 7, 2015. Right of picture is Dr Robert A. Mathavious, Managing Director/CEO, BVI Financial Services Commission. Photo: VINO

In this vein he believes that the Society of Trust and Estate Professionals (STEP) conference held yesterday October 7, 2015 is part and parcel of efforts to instill public confidence and the development of a lasting, compliant, competitive and vibrant financial services sector “where expert knowledge, professional conduct, ethical behaviour and customer centric ethos is the norm.”

He was delivering opening remarks at the STEP conference opening at Maria’s By The Sea yesterday which saw the coming together of some 120 industry professionals for a one-day intensive training meant to sharpen their expertise and enable them to better serve their clients.

Dr Mathavious noted 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.

“Consequently, the reputation of the industry is at an all-time low. This is the reality of the New Playing Field for cross-border financial services. On behalf of the Commission, I wish to commend STEP BVI for organising this timely and important event,” he said.

The need to 'upskill'

He conveyed gratitude to those organisations who have made it possible for their employees to attend this training and sensitisation initiative, as well as those who are investing in their own future and using their own resources to participate.

“At the Commission, we see initiatives such as this as a vital component of the jurisdiction’s arsenal for upskilling industry practitioners to meet the constantly changing obligations arising out of the international standards applicable to those engaged with cross-border financial services. We believe our human capital must play an integral and vital role in the competitiveness of our financial centre. It must be ready not just for the realities of today, but also for the future landscape,” said Dr Mathavious.

He said his institution further believes that collective decision making for the common good not only finds solutions which benefit all, but also results in policies designed and implemented on conviction of what is in the best interest of the jurisdiction rather than having to be imposed by necessity as an obligation.

“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,” he said.