Performance Accountability Policy and Supervisory Service Standards (FSC/P011)

Summary

This is an internal policy document from the BVI Financial Services Commission (FSC) setting out service standards and target turnaround times for its own regulatory decision-making, rather than imposing new compliance duties on regulated entities. It describes how the Commission measures and reports on its performance in processing licence applications, amendments, waivers, disclosure requests, Gazette notices, complaints, and consultations.

• Response time standards: Sets target timeframes (from acknowledgement through decision) for new licence applications, licence amendments, waivers, ownership and director changes, and other decisions across the Banking & Fiduciary Services, Insolvency Services, Insurance, Investment Business divisions and the Registry of Corporate Affairs.
• Public communications: Commits the Commission to responding to general email enquiries within two working days and to allowing a six week comment period on initial consultation documents.
• Reporting: Requires the Commission to publish a quarterly performance report on its website within six weeks of each quarter end, and an annual performance report starting with the 2010 Annual Report.
• Professionalism standards: Measures staff courtesy and professionalism in office visits, on-site compliance inspections, and telephone interactions.

Industry impact is indirect: applicants and licensees can use the appendices to know how long the Commission expects decisions to take, and the document notes that incomplete applications must be finalised within the incomplete-application timeframe, but the document does not create new filing or compliance obligations on regulated entities beyond existing licensing law.

Key obligations

• The Commission must acknowledge and determine new licence applications, amendments, waivers, and other listed decisions within the timeframes set out in Appendices 1 to 5.
• The Commission must respond to general email enquiries within two working days, acknowledging receipt and identifying the responding officer.
• The Commission must allow a six week period for industry and public comment on initial consultation documents (shorter for follow-up focused consultations).
• The Commission must publish a quarterly service standards performance report on its website within six weeks of the close of each quarter.
• The Commission must publish an annual performance report against these standards starting with the 2010 Annual Report.
• Applicants submitting incomplete applications must supply the necessary information within the incomplete-application timeframe set for each decision type to allow finalisation.

Applies to

banks, trust companies, company managers, authorized custodians, insolvency practitioners, insurers, insurance intermediaries, investment business licensees (fund managers, administrators, recognised managers), private, professional and public funds, companies and foreign companies registered with the Registry of Corporate Affairs, limited partnerships

Deadlines

• within two working days: Commission acknowledgement of general email enquiries
• six weeks: Timeframe allowed for industry/public response to initial consultation documents
• within six weeks of the close of each quarter: Publication of the Commission's quarterly service standards performance report
• beginning with the 2010 Annual Report: Commission's annual performance report against service standards
• various (1 day to 10 weeks depending on decision type, per Appendices 1-5): Target timeframes for the Commission to determine specific licence applications, amendments, and registry filings