The BVI Financial Services Commission (FSC) has developed an international reputation for excellent regulation of the financial services industry. The Registry of Corporate Affairs’ online information system (VIRRGIN) is widely known to be secure and efficient. However, questions surround whether limiting access to VIRRGIN to BVI-based businesses (in order to protect the jobs here in the Territory) is leading to potential opportunity loss of company registrations from key markets, especially in Asia. In addition, the industry has raised concerns over the customer orientation and responsiveness of the FSC, outside clear pockets of excellence, which have affected private sector perception of the commission.
It is recognised that leveraging existing strengths in order to develop a holistic customer service culture across the organisation (for example, to improve process transparency, response time, and help provided to customers) would go a long way in improving the BVI Financial Services Commission’s performance and relationship with the private sector. BVI Forward shall help to drive this improvement.