Financial Institutions Supervision Department

 

The Financial Institutions Supervision Department (FISD) is responsible for supervising the operations of all financial institutions licensed (licensees) under the Financial Institutions Act 2008, and insurance companies, insurance intermediaries and pension plans registered (registrants) under the Insurance Act Chap 84:01; to determine if they are in sound financial condition and operating in accordance with the relevant laws, regulations and guidelines issued by the Central Bank. The Inspector of Financial Institutions who heads the FISD, is responsible for the supervisory function.

Other key objectives of the FISD include maintaining confidence in the financial sector and promoting the soundness and stability of licensees and registrants; promoting the existence of efficient and fair banking and financial services markets; and promoting an appropriate level of protection for depositors, policyholders and pension plan members and beneficiaries.

The FISD achieves its objectives by ensuring the legislative, regulatory and supervisory frameworks governing the operations of all licensees and registrants are effective, up to date and reflect international standards and best practices.