Eastern Caribbean Central Bank Appoints Administrator for Financial Investment and Consultancy Services Limited

Appointment of Official Administrator

The Eastern Caribbean Central Bank (ECCB) has appointed Niguel Streete as the official administrator for Financial Investment and Consultancy Services Limited (FICS) in St. Lucia. The appointment was made in consultation and collaboration with the FICS board of directors and management, and became effective on Monday.

Responsibilities of the Official Administrator

In his capacity as official administrator, Streete has assumed responsibility for FICS’s management and operations. FICS remains open to serve its customers and the wider public, and continues to hold a license to carry on banking business in St. Lucia, remaining under the regulatory oversight of the ECCB.

About FICS

FICS is a family-owned non-banking financial institution founded by George Theophilus, who served as deputy managing director of the East Caribbean Currency Authority (ECCA) in St Kitts from 1975 to 1981. FICS was incorporated in November 1991 and opened its doors to the public on February 24, 1992.

About Niguel Streete

Streete is a senior finance professional with over 30 years of financial sector regulatory experience across the Caribbean. He will work with FICS’ staff and support from the Central Bank to ensure that the institution is managed to best protect depositors’ interests.

About the ECCB

The ECCB was established in October 1983 and is the monetary authority for Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, St/ Kitts-Nevis, St. Lucia, St. Vincent, and the Grenadines. The Central Bank, via its financial sector supervisory work, remains committed to fulfilling its mandate to maintain financial stability within the Eastern Caribbean Currency Union.

Conclusion

The appointment of Niguel Streete as the official administrator for FICS is a significant step in ensuring the continued stability and success of the institution. The ECCB’s commitment to maintaining financial stability in the Eastern Caribbean Currency Union is a testament to its dedication to protecting the interests of depositors and promoting economic growth in the region.

FAQs

* Q: What is the role of the official administrator?
A: The official administrator is responsible for managing and operating FICS, ensuring that the institution is managed to best protect depositors’ interests.
* Q: What is the status of FICS?
A: FICS remains open to serve its customers and the wider public, and continues to hold a license to carry on banking business in St. Lucia, remaining under the regulatory oversight of the ECCB.
* Q: What is the ECCB’s role in this appointment?
A: The ECCB appointed Niguel Streete as the official administrator for FICS in consultation and collaboration with the FICS board of directors and management, and will work with FICS’ staff and support from the Central Bank to ensure that the institution is managed to best protect depositors’ interests.