A Financial Services Authority is to be created to better regulate the industry in The Bahamas as the sector across the region comes under closer scrutiny.

Minister of state in the Ministry of Finance, Zhivargo Laing, said the government is giving "renewed focus" to the financial services sector, the second pillar of the Bahamian economy, and the authority will be created through new legislation.

He said the authority engage a leader and consultants who must be seasoned in regulating a sophisticated financial services sector, appropriate audit and inspection supervisors, market surveillance supervisors, set up a comprehensive IT programme, and have an extensive recruitment and training programme.

With respect to consolidating the financial services regulators, Laing said a twin system would be created by the end of this year in which there is the central bank and one other regulator responsible for all areas of financial services other than banks and trust companies.

Creation of a Chief Executive Officer

He said the legislation will provide for the creation of a chief executive officer to replace the superintendent of insurance, the executive director of the Securities Commission, and the executive commissioner of the Compliance Commission.

The act would also provide for the creation the marketing monitoring department, the authorisation department and the audit/inspection department.

'The government is giving "renewed focus" to the financial services sector; the second pillar of the Bahamian economy.'