Turks and Caicos Islands: Financial Sector Assessment Program - Financial System Stability Assessment
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Summary:
This paper discusses key findings and recommendations made in Financial System Stability Assessment for Turks and Caicos Islands. Although the financial oversight framework has significantly improved, the Financial Services Commission (FSC) should strive for further progress. Major advances have been made regarding the operational independence of the FSC and staffing. Nonetheless, the outdated Banking Ordinance and Insurance Ordinance need urgent overhaul. The functioning of the FSC should be strengthened by enhancing Board oversight, filling key positions at Board and senior management levels, strengthening communication and consultation with the industry, and improving the supervision and risk assessment capacities of FSC staff.
Series:
Country Report No. 2015/282
Subject:
Banking Credit Financial institutions Financial services Insurance Insurance companies Money Nonperforming loans
English
Publication Date:
October 14, 2015
ISBN/ISSN:
9781513511054/1934-7685
Stock No:
1TCAEA2015001
Pages:
46
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