Categorized | National News

Minister Outlines Key Ways to Improve Financial Services Sector

Minister of Financial Services Brent Symonette said more has to be done to improve the country’s second industry.


While delivering the keynote address at the Bahamas Financial Services Board (BFSB) meeting held September 20, 2017 at the British Colonial Hilton, Minister Symonette outlined some of the government’s objectives.


“Over the past few months as the new minister of financial services, I have recognized that there is a critical need to enable the financial services industry to operate more efficiently,” said the minister.


And this efficiency, according the minister, would be achieved if the government implemented several measures including resourcing and restructuring the government agencies that provide support.


Mr. Symonette said by allowing for a more “competitive” environment through legislative reform and the development of new products and services in an environment that is customer friendly, The Bahamas would have a comparative or superior edge to competing jurisdictions.


He also pointed to the easing of the immigration process so that it is more business friendly, timely and efficient in order to prevent the hindrance of operations as to allow options that make it feasible for investors to choose The Bahamas not only for business purposes, but also as a place to reside.


He said it is also of paramount importance a change takes place in the way that business is conducted in the country.


“It is clear that what we are doing is not enough. We cannot continue to do things the same way and expect different results. We have to open our minds and The Bahamas must find ways to open its doors to a global economy that allows professional exchanges that foster growth. And by this, I mean the exchange of legal expertise in certain areas like trust, arbitration, maritime and other financial services aspects. We must be forward thinking to open our economy so that we can advance ourselves. We must do this to survive,” said Mr. Symonette.


He explained that there are many untapped opportunities out there and that the Ministry of Financial Services and Investments “is open” to listening to the voices of the private and public sectors in order to devise solutions to drive change and provide opportunities to grow the economy.


“My ministry has met with numerous entities over the past several months, and I can say that the universal challenge facing the industry has been centered heavily around the increased pressure from global regulatory bodies such as the OECD, the need to focus on the ease of doing business in The Bahamas and the enhancement and integration of government departments through advanced technology,” said Mr. Symonette.


“We are listening very carefully and have identified areas deemed to be quick fixes or low lying fruits to which we have already begun to make improvements. It is time now to bring forth solutions instead of continuing to focus on the challenges.”


Written by Jones Bahamas

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