Financial Management

THE FUNCTION OF FINANCIAL SERVICES COMMISSION IN THE

TURKS & CAICOS ISLANDS

Kristen Brown

Turks & Caicos Islands Community College

Financial Management I (ACCT 3402)

Rayon Lewis

October 20, 2011

Table of Contents

Introduction…………….....…………………………………………………………………….3

History of the Turks & Caicos Islands Financial Services Commission…………………….4

The Organizational Structure of the Financial Services Commission……………………….5

Mission Statement……………………………………………………….………………………6

Values……………………………………………………………………………………………..6

The Services Offered by the Financial Services Commission…………………………...…….7

Functions of the Financial Services Commission………………………………………….....8-9

The Affect on the Operations of the Organization due to the Present Recession………10-11

The Benefits Obtained by doing this Research……………….…………………..…………..12

Appendix A………………………………………………………...……………………………13

Appendix B………………………………………………..……………………………………14

Appendix C…………………………………………………………..…………………………15

References……………………………………………………………………………………..16

Introduction

The aim of this project is to provide an insight on the functions of the Financial Services Commission (The FSC) and the role it plays in the economy of the Turks & Caicos Islands. The FSC is an independent statutory body established under the FSC’s Ordinance of 2001 and continued by the FSC’s Ordinance of 2007 and was given the duties of supervising the financial services sector, to regulate the financial services industry and is accountable for its performance to the Turks & Caicos Islands Government.

History of Turks & Caicos Island financial Services Commission

As stated in a few of their annual reports the Financial Services Commission (The FSC) is a statutory body which was established by the Financial Services Commission Ordinance of May 2001 but now governed by the revised Ordinance of October...