Rating agencies more intrusive
Chief Executive Officer of the Financial Services Commission, Ian Carrington, has reminded Barbadians that international overseeing agencies are becoming more intrusive in their oversight of the world’s financial systems.
Carrington issued this reminder earlier today while addressing the Institute of Chartered Accountants of Barbados seminar on International Business Update – 2012 at the Hilton Barbados.
He said: “The Organisation for Economic Co-operation and Development and the World Stability Forum are becoming more intrusive in terms of whether a country’s financial system is robust and can stand up to international best practice both in terms of its regulations and its legislation.
“Going back to the crisis in the early 1990s, the World Bank and the International Monetary Fund set up a board called the Financial Stability Board. This board has the mandate to go across the globe and to review the financial robustness of the financial systems in the different domiciles.”
Carrington disclosed that Barbados would have undergone a Financial Stability Assessment Programme Review in 2002 and another in 2008, and was scheduled to undergo another in mid-2013.
The former National Insurance Scheme boss that in preparation for that review the FSC had done four self-assessments in such areas as insurance, pensions, securities and credit unions.
He pointed out that these self assessments were carried out