Higher fines coming for breaches of the Financial Services Commission Act

Higher fines are coming for breaches of the Financial Services Commission Act. Parliament on Tuesday approved amendments to the penalties. Dr. Peter Phillips, Minister of Finance, who tabled the order, said the current fines are too low.

The Finance Minister outlined some of the breaches that will attract increased fines:

“Among the penalties and the issues are: failure to make the third deposits; failure to file names of persons authorized to accept service of process; failure to notify the Commission; placement of insurance with unregistered insurer; and the entire range of penalties that are being adjusted.”