FSC Cook Islands

The Financial Supervisory Commission (FSC) is the primary financial regulatory authority responsible for overseeing and maintaining the stability of the financial services industry in the Cook Islands. Established in 2003, the FSC plays a vital role in ensuring the integrity, efficiency, and stability of the country’s financial sector.

FSC Cook Islands History

The FSC was established in 2003 under the Financial Supervisory Commission Act, which aimed to create a robust regulatory framework for the financial services industry in the Cook Islands. Since its inception, the FSC has been committed to fostering a stable, transparent, and efficient financial sector that promotes economic growth and investor protection in the Cook Islands.

FSC Cook Islands Scope and Supervision

The primary objective of the FSC is to maintain the stability and integrity of the financial sector in the Cook Islands. Its wide-ranging responsibilities include:

1. Licensing and regulating financial institutions: The FSC oversees various financial institutions, such as banks, insurance companies, trust companies, and money service businesses, ensuring they adhere to strict regulations and maintain market stability.
2. Supervising the financial sector: The FSC is responsible for regulating and supervising the financial sector in the Cook Islands, ensuring proper disclosure, transparency, and fair practices.
3. Implementing anti-money laundering and counter-terrorism financing measures: The FSC enforces compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations to maintain the integrity of the financial sector.
4. Protecting consumers and investors: The FSC plays a crucial role in protecting the interests of consumers and investors by ensuring that financial institutions follow sound business practices and maintain transparent operations.

5. Developing and maintaining regulatory frameworks: The FSC is responsible for developing and maintaining regulatory frameworks that promote the growth and stability of the financial services industry in the Cook Islands.

FSC Cook Islands Investor Compensation Guarantees

While the FSC Cook Islands does not have a specific investor compensation guarantee system, its primary focus is on safeguarding the interests of investors and consumers by ensuring that financial institutions adhere to strict regulations and maintain market stability. Through its oversight and enforcement activities, the FSC indirectly contributes to the protection of investors in the financial sector.

Organization Type

The FSC is an independent statutory body, funded by the Cook Islands government and industry levies. The FSC’s organizational structure comprises a board of commissioners responsible for setting the strategic direction and ensuring effective oversight of the organization’s operations. The board is supported by an executive management team and a team of specialists and experts in various fields, including banking, insurance, trust services, and anti-money laundering.