More consistency needed on financial services legislation — Penn

Eighth District Representative Marlon Penn has called for improved government consistency in managing the BVI financial services sector.

Penn made the remarks during a debate on the BVI Business Companies Amendment Number 2 Bill 2024, urging a more structured approach to legislation affecting the territory’s most important industry. Penn acknowledged the significant contribution of financial services to the BVI’s economy, stating, “Sixty cents of every dollar made from financial services goes towards the development of our people and the infrastructure of this territory.”

He pointed out that the BVI’s financial services industry has played a crucial role in shaping the territory’s economy since the enactment of the original Business Companies Act in 1984. However, Penn expressed concern about the sector’s recent downward trends. He emphasised the need for ongoing discussions and a unified approach within the House of Assembly to address the industry’s challenges. According to him, “proper discussions on the direction of this industry” would help legislators work together more effectively.

One of the key issues discussed was the amendment’s focus on annual financial returns, a critical component for ensuring transparency and compliance with global standards. Penn pointed out that while annual returns are essential, the process can be burdensome for local businesses, which may lack the resources to meet these requirements.