Turks and Caicos Islands : Financial Sector Assessment Program - Financial System Stability Assessment

Author/Editor:

International Monetary Fund. Monetary and Capital Markets Department

Publication Date:

October 14, 2015

Electronic Access:

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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 Nonetheless, the outdated Banking Ordinance and Insurance Ordinance need urgent overhaul.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. 15/282

Subject:

English

Publication Date:

October 14, 2015

ISBN/ISSN:

9781513511054/1934-7685

Stock No:

1TCAEA2015001

Price:

$18.00 (Academic Rate:$18.00)

Format:

Paper

Pages:

46

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