Financial Control Service is an independent regulatory section which is responsible for the unrelated to bank financial services that are working in Grenada. In fact, its main points to work with are tightly connected to its purpose, established in 2013 thanks to the Financial Control Service Act, which deeply involves working with licensing and regulating, enforcing requirements of regulatory and compliance character, and also monitoring and supervising the business well-being in the non-bank financial sector in Grenada. These include Insurance, Gambling, Fiduciary services, Collective Investment Schemes and, of course, Capital market activities together with registration of various International Business Companies, Limited Partnership, Foundations and International Trust across the Grenada.
Surely, the authority had its prototypes, and the predecessor named Grenada International Business Authority Act, or simply SIBA, was created in 1994, having the goal to look over, supervise and coordinate the business issues arising from within Grenada, proclaiming it as an international business activity centre. The new name of the organization, from SIBA Act to Financial Control Service Act, established its role and made it more transparent and understandable – a regulator of financial business services – on the 1st of March in 2014.
While successfully working for more than 25 years, the FCS remains loyal to its strategic objectives in tries to keep soundness and resilience of financial industry while keeping up with constantly changing international standards and situations. It is honorably mandated under the 2013th Financial Services Act to inter alia:
- To observe, supervise and regulate directly not just licenses accordingly to the Act and financial services legislation, but also the other financial businesses carried on either in or from within Grenada.
- To administer and look over the registry legislation.
- To curate the development of appropriate mechanism of legal, regulatory and supervisory routes for maximally effective and efficient administration of Authority itself and financial services legislation in general.
- To apply such measures that are surely necessary for informing and educating the public in an appropriate way on the functions and matters that relate to or influence on any business of financial industry.
- To come into action against the ones who carry on illegal and unauthorized financial services business in the Grenada.