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The BFSB: A catalyst for change
WELCOME BAHAMAS NASSAU - 2008
The BFSB: A catalyst for change
Bridging the public-private sector divide
In ten short years, the Bahamas Financial Services Board (BFSB) has emerged as a key component in promoting the country's financial services sector. It's a public-privatepartnership that pushes for regulatory change, as well as selling the jurisdiction as an offshore investment centre to reckon with.
Until the first Hubert Ingraham-led administration established the board in 1998, the financial services industry (FSI) lacked an umbrella organization to address the concerns of public and private partners.
Similar boards for the tourism industry looked at the sector from a purely promotional perspective. The government wanted to create the same buzz in the FSI.
Although the board is still promotional in nature, the original concept has shifted to encouraging the development of new products and pushing for change in the industry.
"Our mandate is the development of financial services, not just the marketing of the industry," says Wendy Warren, BFSB executive director and CEO. "That is very important because you have to develop first before you can market. A lot of our work is in the development and improvement of the product."
Today, more than 100 members-financial associations and private corporations, along with government entities-set aside their competitive instincts to promote The Bahamas itself as a top financial centre.
The board is also a bridge, linking institutions interested in improving the industry with such groups as the Bahamas Bar Association, Bahamas Real Estate Association, Association of International Banks & Trusts Companies in The Bahamas (AIBT) and others. Through the BFSB, they work together to market and grow international business.
Relationship building is a key function of the BFSB. The board often acts as the first line of contact for potential investors and international businesspeople.
Attracting business partners depends largely on accepting speaking engagements and displaying the country's advantages in booths at international trade shows. The board also sets up meetings between international bankers, brokers and independent asset managers, to increase awareness of The Bahamas as an international financial centre.
"Rather than reinforcing the message through advertising, we secure speaking opportunities providing information and a place where people can come and meet The Bahamas," says Warren.
As a matchmaker, the BFSB places potential clients with professionals within the Bahamian network. "We are not here to give advice. We are here to give the framework. We are more involved in the role of resolving roadblocks," Warren explains.
How successful has the BFSB been in alleviating roadblocks for clients conducting business in The Bahamas?
"I think to the extent that we are able to speak to the persons who do have the authority, and for them to be very receptive to looking at these issues, [it] has been very helpful. One of the areas that we have encouraged the government to undertake is to create timelines."
Timelines to increase productivity and other initiatives proposed by the BFSB are now given a high priority by the government. In a decade, the group has made significant contributions to developing regulations and legislation for the industry.
Public-private partnership
The BFSB functions as a true public-private partner and the aim is simply to "move the industry forward."
The board is neutral territory for all stakeholders. The group is funded by public and private money and managed by a board of directors which includes a government representative.
Monthly meetings with the Ministry of Finance (MOF) gives the board an opportunity to update MOF on private sector issues. It also allows BFSB representatives to be aware of government initiatives that might have an impact on the industry. BFSB and Ministry of Tourism officials also meet to map out marketing approaches. The group works with the ministry whenever it is feasible.
Business of The Bahamas
Under Warren's direction, the BFSB continues to be a catalyst for serious change in the industry.
Julian Francis, chairman of the Bahamas Telecommunications Company and former Central Bank governor, credits the evolution of the financial services product over the past decade in large part to the work of the board.
"The BFSB has, I believe, made the difference," says Francis. "It's been a tremendous rallying point for the industry and it has focused the attention of professionals in the industry."
Warren's main aim is to ensure the growth and sustainability of the industry.
"There is a consistent view across government, regulators and private sector that financial services is very important and we must respond to the challenges," says Warren. "You have to have transparency in your process and you have to have consistency in your delivery. That is an important goal for The Bahamas to establish in all aspects of its business delivery."
Another ongoing initiative is to ensure the Bahamian workforce remains strong and continues to be a selling point for the jurisdiction. "Investing in our manpower is essential."
The board plans on implementing "power assessment tools" to measure how practitioners in the industry work to enhance the overall product.
All initiatives of the board are geared towards meeting client needs, in accordance with its mandate: to foster reliable and efficient service delivery. There's another focus on ensuring that practitioners have the skills needed to respond to rapid changes in the market.
Working independently from the government has allowed the board to provide impartial input on developing high-quality regulations, thereby maximizing benefits for everyone connected with the industry.
Of the most recent 45 legislative initiatives, the BFSB headed 14, had active input in 26 and was consulted on five. The board also had a lead role in establishing the Bahamas International Stock Exchange (BISX).
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