The Financial Services Commission (FSC) has no problem with insurance companies and other providers of financial services opening new branches across Barbados.
But while encouraging the practice that he saw as a sign of business innovation, the regulator’s chief executive officer Randy Graham said such a policy had to be pursued “in a measured and a controlled manner”.
He also told guests attending yesterday’s opening of Massy United Insurance’s new office in the Dome Mall, Warrens, St Michael, that the agency would “police” the new branches just as they did their head offices.
“It is easy to see the regulator as a police or an enforcer of legislation solely, and we do treat to that task very earnestly at the FSC.
“Of course, we take it as a principal function of the regulator. But the regulator also has a function to support business facilitation and to create an environment where innovation and facilitation can grow in the financial services sector,” he said. (SC)
