Press Release

Ministry of Finance
Release Date:
Tuesday, 8 September 2015 - 4:30pm

The Financial Services Implementation Unit (FSIU) announced by Premier and Minister of Finance, Dr. the Honourable D. Orlando Smith, OBE, to drive the reinvigoration of the financial services industry, is now fully staffed and operational.

The establishment of the unit was among recommendations outlined by international consulting firm, McKinsey and Company which was commissioned to develop a strategic plan to chart the future of the financial services industry.

The Financial Services Implementation Unit comprises a six-member team headed by Mr. Kedrick Malone, who previously served as Director of the BVI London Office and most recently, as Executive Director of the International Finance Centre, now BVI Finance.

The other members of team are Senior Delivery Specialist, Mr. Toby Clayson; Delivery Specialist, Ms. Monique Hodge-Bell; Data analyst, Ms. Aida Biberic, Communications Specialist, Ms. Philomena Robertson and Administrator, Mrs. Policia Clyne.

The team has been tasked with driving the implementation of the other nine recommendations coming out of the McKinsey led consultancy, which are to revamp the International Finance Centre, already rebranded as BVI Finance; enhance customer service at the Financial Services Commission; attract value-added services; reform Immigration and Labour; build BVIslander capabilities; pursue tax initiatives; invest in infrastructure; strengthen business development and engage the population.

The team has met with the Premier and Minister of Finance who reiterated the significance of their mandate and the need to reinvigorate the financial services industry, one of the twin pillars of the BVI economy.

Premier Smith stated, “The creation of the Financial Services Implementation Unit is indicative of the much needed emphasis being placed on securing the future of the financial services industry. While the new team under the astute leadership of Mr. Kedrick Malone is responsible for delivering on their mandate, the success of their mission depends largely on the cooperation of the sectors they will be working with during the implementation phase.”

Underscoring the need for the cooperation of all stakeholders, Honourable Smith added, “Solving the issues at hand is vital to the future and longevity of our financial services industry and the livelihood of our community. It will require all of us – public and private sectors, government and opposition, local and expatriate practitioners, local and international stakeholders and the entire BVI community to work together to build a brighter and sustainable future for the Virgin Islands.”

Members of the Financial Services Implementation Unit have also met with Permanent Secretary in the Premier’s Office, Mr. Brodrick Penn, and will be meeting with members of the BVI Cabinet, Leader of the Opposition, Honourable Julian Fraser, RA, and other elected members of the House of Assembly.

Introducing the team members to senior Government employees, Mr. Malone echoed the sentiments of the Premier in stressing the importance of the team.

Mr. Malone said, “The Honourable Premier described the establishment of the Financial Services Implementation Unit as one of the most critical recommendations, as it has responsibility for overseeing the execution of the others. I am confident we have found the right team of individuals who through their professional background and experience are uniquely poised to execute this mandate.

Aside from pursuing work on the other nine initiatives from the Mc Kinsey Report, the Financial Services Implementation Unit is busy preparing for the launch of a communications campaign that will build awareness and highlight the relevance of the industry as part of the Engage the Population initiative.

The Financial Services Implementation Unit which falls under the Premier’s Office will be overseen by a Steering Committee which is chaired by the Premier and will report directly to Cabinet. The Steering Committee is comprised of long-standing industry professionals from both the public and private sectors.

Note to Editors:

  • The Steering Committee is comprised of Financial Secretary, Mr. Neil Smith; Queens Counsel of Farara-Kerins, Mr. Gerard Farara; Managing Director of the Financial Services Commission, Mr. Robert Mathavious; Chair of the Financial Services Business Development Committee, Mrs. Lorna Smith; former Managing Director of Harneys, Mr. Michael Riegels and another private sector member to be appointed shortly.