Premier and Minister of Finance Dr. The Honourable D. Orlando Smith, OBE addresses key stakeholders during the financial industry practitioner consultation. Photo Credit: Reynold Corum/GIS

In setting the tone for this financial industry practitioner consultation, Premier and Minister of Finance Dr. D. Orlando Smith, OBE told the team to exhaust all ideas by exploring and determining what works well, what needs to be improved and how all counterparts might improve the sector.

Premier Smith stressed in his remarks, “I expect each and everyone of you to make the best use of this platform today to express your views in a frank, sincere and non-adversarial manner; to explore the possibilities for the Virgin Islands (VI) not only today but for the years ahead; to recognise the realities of the international dimension with respect to the products and services we provide and how we may improve these and develop new ones; to ensure at all times that the reputation of the VI in international finance remains a sine qua non; to recognise the importance of not only being a good corporate citizen but living as one; and to put in place appropriate and meaningful programmes for our people to bring them to the desired level of expertise by fully training them and utilising their earned skills.”

He continued, “This is critically important in steering a way forward for the Territory. I invited you as the key players within the financial services industry to this consultation with the hope that together we can develop new or renewed vigour in exploring new products to add to our current financial services menu, while at the same time strengthening the current products and making them more attractive and relevant for continued and enhanced achievement.”

Speaking specifically to the members of the Financial Services Commission (FSC), The finance minister renewed Government’s commitment to assuring the independence and efficient and effective functioning of the commission which he said has the difficult task of regulating the industry vis-à-vis ensuring compliance in accordance with established international standards, as the Commission becomes the focal point in international assessments of the Territory.

In this context, he encouraged greater private sector participation in the initiation and development of legislative reforms along with the commission.

Premier reaffirmed Government’s commitment to strengthening the financial services industry by balancing the interests of all counterparts as active participants in the financial services sector with the need to adhere to established international standards of regulation and supervision.

He said, “In this context the continued good reputation of the VI must be paramount at all times as this is critical to a sound and thriving financial services industry.”

The Premier noted that greater private sector leadership and commitment is paramount in continually developing and promoting the VI as a premier international finance centre, adding that the Government cannot possibly do this alone and has to rely on the private sector to play its part.

In stressing the importance of marketing the industry, Premier Smith said, “Beginning today we must objectively assess the Territory’s current marketing and promotional strategies and establish whether reforms are needed and, if so, what those reforms should be and the best mechanism that can be employed to carry them through.”

He added, “On another note, we must instill a spirit of VI-first in the industry’s sourcing and placement of business. While my Government recognises that some or most of you within the industry belong to groups of a global nature, I believe there is a lot you all can do to make the VI the jurisdiction of choice in terms of the products and services we provide.”

Premier Smith proposed that the forum become or continues as a periodic event. The facilitator for the consultation is Director of Policy, Research and Statistics at the Financial Services Commission Cherno Jallow, QC.