The Commission now oversees all regulatory responsibilities previously handled by the government through the Financial Services Department. The Commission was established in 2001 pursuant to the Financial Services Commission Act, 2001 to try to protect the independence of the regulation of financial services. The establishment of the Commission was also part of certain international commitments by the BVI to play its part in the fight against cross border white collar crime while safeguarding the privacy and confidentiality of legitimate business transactions.
The Commission has also been tasked with new responsibilities including promoting public understanding of the financial system and its products, policing the perimeter of regulated activity, reducing financial crime and preventing market abuse.
The Managing Director/Chief Executive Officer of the Financial Services Commission is Robert Mathavious.