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The Financial Oversight Management Committee
Oversight of the financial system is shared between the Central Bank of Barbados and the Financial Services Commission (FSC). Commercial banks, trust companies, finance companies and merchant banks fall under the aegis of the Central Bank, while credit unions, insurance companies, occupational pension plans, mutual funds and the securities market are regulated by the FSC.
Collaboration between these two regulators is facilitated by a Memorandum of Understanding which was executed by the parties on August 29, 2013 and is formalised via the Financial Oversight and Management Committee (FOMC). The FOMC was established by clause 11 of the MOU and its purpose is to manage the production of the annual Financial Stability Report, to generally collaborate in the monitoring of the financial system and to be responsive in the occurrence of a crisis within the financial system.
The FOMC is comprised of the following persons:
- The Governor of the Central Bank of Barbados;
- The Chief Executive Officer of the Financial Services Commission;
- The Deputy Governors of the Central Bank of Barbados;
- The Director of the Research and Economic Analysis Department of the Central Bank of Barbados;
- The Head of the Financial Stability Unit of the Central Bank of Barbados;
- The Director of the Bank Supervision Department of the Central Bank of Barbados;
- The Deputy Chief Executive Officer of the Financial Services Commission with responsibility for Regulation and Supervision;
- The Director of Insurance and Pensions of the Financial Services Commission.
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