Central Bank of Trinidad and Tobago -FINANCIAL STABILITY

Promoting the stability of the financial system is a key mandate of the Central Bank. The Financial Institutions Supervision Department (FISD) contributes to the achievement of this mandate through its responsibilities for the overall safety and soundness of the financial services sector (banks, insurers and pension plans) by analyzing risks and identifying market and industry trends and practices. An integral part of this exercise is the on-going assessment of banks, insurers and pension plans by a combination of off-site monitoring and on-site inspections.

Supervision and Regulation

FISD is responsible for the supervision of licensed financial institutions and registered insurance companies and pension plans in accordance with the Financial Institutions Act, 2008 (FIA) and the Insurance Act, 1980 respectively. The responsibility for the supervision of registered insurance companies and pension plans was transferred to the Central Bank with effect from May 25, 2004 by way of the Insurance (Amendment) Act, 2004.

The Central Bank has recently been given the mandate to regulate the credit union sector. This will become effective once legislation is enacted.

As a result of its on-going monitoring and on-site inspections of banks, insurers and pension plans, FISD makes recommendations, and follows up on corrective action. FISD is also responsible for conducting assessments of financial institutions’ anti-money laundering and anti-terrorism financing programs. The Department also coordinates and cooperates with other regulators for purposes of sharing of regulatory information addressing matters of common concern. learn more »

Payment Systems
One of the pillars of financial stability is a safe and efficient payments system. The Central Bank has recently increased its focus on this aspect of stability and towards this end has formed a Payments System Oversight Department. learn more »