FSC leader explains financial services challenges

Hundreds of financial services practitioners sat at H. Lavity Stoutt Community College’s Eileene L. Parsons Auditorium yesterday to hear what Robert Mathavious had on his mind.

He had plenty to say about the future of the territory’s financial services industry and the tremendous pressures raised against it in recent years.

“Today, as always, the challenge we face as a jurisdiction is to assess the issues and consider the appropriateness of our response,” said Mr. Mathavious, the managing director of the Financial Services Commission. “We do not want the greatest threat to our long-term success to be our own failure to prepare properly for the future.”

The territory’s financial services industry — the rise since 1984 of the Virgin Islands as an international leader in company incorporations — has faced wave after wave of international regulatory pressure and negative press since the 2008 financial crisis.  

See the May 29, 2014 edition for full coverage.

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