Survey results crucial to BVI financial services sector

Tuesday, February 17, 2004

ROAD TOWN, BVI: Deputy Chief Minister and Minister of Finance of the British Virgin Islands, Mr Ronnie W. Skelton, believes the findings of a recent opinion survey of individuals who work in the financial services sector are crucial for the continued development of the industry in the BVI.

Minister Skelton made the comment while addressing the Legislative Council last week. Those surveyed included individuals employed in the private sector, civil servants whose occupations are related to financial services, and others with experience in the industry.

The first, and in many ways the most significant finding, according to the Minister, is that the members of the financial services sector are optimistic - both about where the sector is today and where it is heading in the future, as 80 percent of the respondents said it is headed in the "right direction."

The survey confirms that the sector "recognises and appreciates" the partnership between businesses and Government. Regarding the factors contributing to the success of the industry, over two-thirds of the respondents cited the "strong, open and productive" relationship that exists between Government and the business community.

Those interviewed recognise the effective regulation implemented by the Financial Services Commission (FSC), as well as the responsiveness of the Government to the industry's needs. Two thirds of all respondents agree that the human resources available in the Territory are not adequate to meet the needs of the sector.

Mr. Skelton pointed out that, while Government is satisfied with the progress and optimism that are apparent throughout the sector, it is also aware of the challenges uncovered in the survey. These challenges include the persistence of differences of opinion between the private and public sectors and the need to improve communication between the financial services sector and the broader public.

The survey shows that most people in the sector are supportive of greater opportunities for local people and that more must be done to make the industry responsive to the needs of the BVI. Over 100 people completed the survey, making it one of the largest statistical samplings ever done in this area. 

Results were analysed in aggregate, as well as a more careful examination of demographic sub-groups. The survey was done to get an idea of how the sector views itself in terms of its current strengths and weaknesses; determine the direction in which it is headed; identify existing differences of opinions; and gauge reactions to proposals put forward for strengthening the industry.

Following recommendations of the Internal Perceptions Audit carried out last year, Executive Council established a committee to formulate a Strategic Development Plan for the financial services sector. The committee embarked on the survey as one of its first fact-finding missions.

The committee's aims are to assess the effectiveness of the framework within which the sector operates and ensure its continued growth in a highly competitive market. The terms of reference include meeting human resource requirements, educating and informing the wider community, developing appropriate physical infrastructure and helping the industry grow.

The committee brings together leaders both from the private and public sectors who have volunteered their time and expertise to help in the project. Based on these findings, the committee is now charged with developing key policy recommendations for Government.

Minister Skelton reported that, with the survey completed, the results offer critical insights into where the financial services sector stands at the moment and indicate the steps which must be taken if the industry is to enjoy continued success.

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