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Supervision & Regulation
A stable financial system mitigates the potential for losses by depositors, policyholders and pension plan members. Promoting the stability of the financial system is one of the key mandates of the Central Bank. The responsibility for fulfilling this mandate rests with the Financial Institution Supervision Department (FISD) within the Central Bank.
FISD, under the leadership of the Inspector of Financial Institutions (IOFI) promotes financial stability by administering the Financial Institutions Act, 2008 (the FIA), and the Insurance Act, Chapter 84:01 (the IA) to the parties subject to the respective Acts, namely, licensed financial institutions, registered insurance companies, intermediaries and occupational pension plans.
The specific objectives of the FISD are to:
1. Maintain an appropriate legislative, regulatory and supervisory framework to govern the operations of all persons licensed under the FIA (licensees) and registered under the IA (registrants).
2. Assess all licensees and registrants to determine whether they are in a sound financial condition and are operating in accordance with the relevant laws, regulations and guidelines issued by the Central Bank.
3. Promote the existence of efficient and fair financial services markets.
All officers and staff of the Central Bank are subject by law to a duty of confidentiality with respect to knowledge gained in the performance of their duties, as to the affairs of all persons regulated by the Central Bank.