United Kingdom & BVI
Financial Services Authority (FSA) of the United Kingdom
The Financial Services Authority is the independent regulator set up by the United Kingdom government to look after the financial services industry and protect consumers. The FSA regulates most financial services markets, exchanges and firms. It sets the standards that they must meet and can take action against firms if they fail to meet the required standards. This often involves requiring firms to pay compensation to their customers. The FSA is the single statutory regulator responsible for the authorization and regulation of Banks, Insurance, Investment Business, and Mortgage Lending. This reach includes the British Virgin Islands.
The Financial Services Authority (FSA) is an independent non-governmental body:
given statutory powers by the Financial Services and Markets Act 2000.
limited only by guarantee
financed by the financial services industry in the United Kingdom.
The FSA is accountable to Treasury Ministers, and through them to Parliament. It is operationally independent of Government and is funded entirely by the firms it regulates.
The FSA mission:
promote efficient orderly and fair markets
help retail consumers achieve a fair deal
improve business capability and effectiveness
Statutory Objectives:
market confidence: maintaining confidence in the financial system
public awareness: promoting public understanding of the financial system
consumer protection: securing the appropriate degree of protection for consumers
the reduction of financial crime
reducing the extent to which it is possible for a business to be used for a purpose connected with financial crime
Want To Check On A Firm?
The
FSA Firm Check Service is a user-friendly way of consulting the
FSA Register to check if a firm is regulated and who to contact in the firm if you have an enquiry or complaint. Regulated firms and their agents are put on our Register and have to meet certain standards. Always make sure that the firm you use is on our Register before handing over your money. If they aren't regulated by us and things go wrong, you won't have access to complaints procedures and compensation schemes, for example, the Financial Ombusdman Service (FOS) and Financial Services Compensation Scheme (FSCS). You need to know the name of the firm and it may help to know the postcode.
Simply enter these details to check if they are regulated by us. Other Helpful Infomation
If you are a small financial adviser and want to find out more about how the FSA regulates you.
Click here.
Independent Financial Advisers
Investment Funds
Stockbrokers and Personal Investment Managers
The easiest way is to complete our
complaints form. You can complete the
form online or
download the online form, complete it and send back in the post (mail). You may email the complaints team at
complaints@fsa.gov.uk. You can also write the FSA Company Secretariat at The Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS; or call the complaints team on 020 7066 9870.
Source: The Financial Services Authority (FSA) is the independent watchdog set up by government under the Financial Services and Markets Act 2000 to regulate financial services in the UK, and protect the rights of retail customers. The FSA's aims are to promote efficient, orderly and fair markets, help retail consumers achieve a fair deal and improve our business capability and effectiveness.
Stock Exchanges - United Kingdom
Commodities and Futures
Investments - British Virgin Islands
The British Virgin Islands – BVI investment regulatory environment is controlled by the British Virgin Islands Financial Services Commission (FSC). Please do not confuse with the United Kingdom’s Financial Services Authority (FSA).
The FSC creates an attractive and responsive infrastructure for captives and offshore companies. Read more on the primary duties of the British Virgin Islands Financial Services Commission (FSC)
The British Virgin Islands –BVI is in fact a paradise. (The writer must yield to full disclosure and confess that he spends a much time in the BVI as he can). The BVI is a necklace of more than 60 islands (only 16 of which are inhabited). Surrounding Sir Francis Drake Channel, the islands feature some of the most secluded luxury resorts in the world. The BVI is well known as the world’s leading offshore corporate domicile. It may surprise you that the BVI does not have stock Exchanges. Instead the BVI uses International Business Companies or IBCs. Since the passing of the International Business Companies Act in 1984 over 200,000 IBC’s are now on the International Business Companies Act register. Find Out More The progressively governed British dependency has introduced further modern legislative initiatives thus broadening the range of services offered in the areas of insurance, trusts, mutual funds and limited partnerships.
International Financial Services Information Center
This very helpful and user-friendly website assist professionals interested in conducting business through the British Virgin Islands.
Helpful Resources
Caribbean Stock Exchanges
The Association Of British Insurers (Insurance)
The Association of British Insurers ("ABI") is the trade association for insurance companies and represents virtually the whole of the UK insurance market. The Association speaks out on issues of common interest; helps to inform and participate in debates on public policy issues; and also acts as an advocate for high standards of customer service in the insurance industry. The Association has around 400 companies in membership. Between them, they provide 94% of domestic insurance services sold in the UK. ABI member companies account for almost 20 per cent of investments in the London stock market.
The ABI’s policy work is organized around four main policy departments:
General Insurance
Life and Pensions
Financial Regulation and Taxation
Investment Affairs.
In addition, the ABI has an expert Research and Statistics Department, and represents the insurance industry to external audiences through its Media and Political Affairs and European and International teams.
Insurance - British Virgin Islands
The British Virgin Islands – BVI insurance regulatory environment is controlled by the British Virgin Islands Financial Services Commission (FSC). Please do not confuse with the United Kingdom’s Financial Services Authority (FSA).
The FSC creates an attractive and responsive infrastructure for captives and offshore companies. FSC are members of the International Association of Insurance Supervisors (IAIS). Get more information on International Association of Insurance Supervisors-IAIS. Also hear what the Americans have to say .
Read more on the primary duties of the British Virgin Islands Financial Services Commission (FSC)
Helpful Resources and Information - BVI
Contact Info for British Virgin Islands Financial Services Commission
Tel: 284-494-1324 Fax: 284-494-5016
Taxes
Corporations registered under the IBC Ordinance are exempt from all local taxes and stamp duty asset security. There are no inheritance taxes, death duties, capital gains, capital transfer, or estate taxes. Dividends are neither subject to withholding, or income tax requirements. Interest is also exempt from tax when paid to non-residents, provided the rate of interest is considered reasonable. Where applicable a company’s tax rate is 15% of income. Resident companies are subject to tax on their worldwide income less deductions. Non-resident companies are subject to tax only on income remitted to, or derived from the jurisdiction. The tax rate is reduced to 1% on profits for resident companies that obtain 90% or more of profits from trading outside the jurisdiction. Companies are taxed at 1% on foreign investment income if the income is exempt from tax in the jurisdiction in which it arises. Customs duties varies from 5% to 20%. For individuals gross income is taxed on a scale graduated from 3% to 20%.
Key Contacts
Registry of Companies, Trademarks & Patents - Government of the British Virgin Islands
PO Box 418 Road Town, Tortola British Virgin Islands
Tel: 284 494 5355 or 284 494 5356 Fax: 284 494 6331
Email: compreg@fsdbvi.org
Director of Financial Services -Ministry of Finance
Pasea Estate, Road Town, Tortola British Virgin Islands
Tel: (284) 494 6430 Fax: (284) 494 5016
Financial Services Commission Haycraft Building, Pasea Estate
Road Town, Tortola British Virgin Islands
Tel: 284 494 1324 Fax: 284 494 9399
Email: commissioner@bvifsc.vg Website: www.bvi.org
Inspector of Banks, Trusts & Company Managers - Financial Services Department
Government of the British Virgin Islands Pasea Estate Road Town, Tortola British Virgin Islands
Tel: 284 494 6430 Fax: 284 494 5016
E-mail: commissioner@bvifsc.vg
Registrar of Mutual Funds - Financial Services Department Government of the British Virgin Islands
Pasea Estate Road Town, Tortola British Virgin Islands
Tel: 284 494 6430 Fax: 284 494 5016
E-mail: finsvs@candwbvi.net
Legal System and Currency
Capital: Road Town. Currency: The US dollar is the official currency
Legal System: Based on the British common law system with local variations. Justice is administered by the Eastern Caribbean Supreme Court. A resident puisne judge presides over the High Court, Admiralty, and associated courts. There is a Court of Appeal. Final appeals go to the Privy Council in the UK.
Government
British overseas territory. Representative democracy with internal self-government. The British monarch is the head of state represented by a UK-appointed governor who is responsible for the courts, the public service, the police, and foreign affairs. Parliament is made up of an Executive Council and the 15-member Legislative Council. The Legislative Council is made up of 13 elected members, an appointed ex officio member, and a speaker chosen from outside the council. Members of the Legislative Council are elected for a maximum of four years via a mixed system of nine districts and four country-wide districts. The governor presides over the Executive Council, made up of the chief minister who is appointed by the governor from the majority party, three ministers appointed from the Legislative Council by the advice of the chief minister, and the Attorney-general (ex officio).
Executive
The Head of State is Queen Elizabeth II represented by the UK-appointed governor