Government of Saint Luca

Go to Homepage


[Site Map]

[Contact Us]

Search this Site

Single Regulatory Unit to Introduce Increased Supervision and Monitoring of Financial Sector

Governor General
Prime Minister
The Cabinet
The Senate
House of Assembly
St. Lucia Ambassadors
The Constitution
The Staff Orders

National Television Network

Saint Lucia Gazette
Press Releases

Saint Lucia 25th Independence Celebrations

About Saint Lucia
Frequently Asked Questions
Web Links
Government Directory
Browse by Agency
Site Help
Subscribe to NEMO News
Updates to Hurricane Frances

Weather Information Service Number

(758) 454-3452

Contact: Claudia Monlouis

Tuesday, December 6, 2005 – A Single Regulatory Unit (SRU) involving all players in the financial sector is currently being introduced in Saint Lucia. Over the weekend a consultative meeting was held among representatives of the credit unions and cooperative sector, officials of the Ministry of Finance and the Ministry of Labour Relations, Public Service and Co-operatives.

Permanent Secretary in the Ministry of Finance Mr. Trevor Braithwaite briefed the gathering on the implications of establishing the Single Regulatory Unit in an environment of strengthened financial supervision and monitoring.

Braithwate says the Single Regulatory Unit concept is currently unfolding in several other Caribbean territories against the background of “fragmentation of supervision in various financial institutions, insufficient legislation to strengthen the hand of legislators and regulators, and an absence of a proactive approach to emerging financial entities.”

The Ministry of Finance official who also sits on the Board of Directors of the Eastern Caribbean Central Bank ECCB says there are new developments that increasingly impact on the structure, organisation and management of the financial sector.

“Right now we also have linkages between the local, regional and international credit unions. For instance, we know a lot of work have been done with regional and international counterparts for credit unions in terms of assisting in some of their supervisory efforts and we have supervisory bodies that contribute to the financial and economic policies that are developed from time to time. These are the existing arrangements; these are the strengths we see.”

One trend which he says must be seriously considered is the integration of financial services, some of which are very sophisticated but unregulated due to limitations in the existing financial legislation. The onus is on government to take prudent measures and remain one step ahead of this fast track sector.

The Single Regulatory Unit - authorised via a Cabinet memo - should come into effect during the last quarter of 2006. Mr. Braithwaite said Cabinet has recommended that the unit be established within the Ministry of Finance.

Once the SRU becomes operational, it will begin to work towards its mandate which is to strengthen and improve financial regulation and supervision of all financial institutions not licensed under the Banking Act in the context of the soon to be established Uniform Banking Act through an effective, integrated and dynamic framework.

The consultation was held on Saturday 03rd December at the National Insurance Corporation Conference room on the Waterfront in Castries.

Home ] Up ] [Site Help]

© 2005 Government Information Service. All rights reserved.

Read our privacy guidelines.