The preferred approach of the Financial Services Commission is not to accept applications for banking licences from structures that are not majority owned by established banking groups from reputable jurisdictions.
The FSC considers that the support provided by existing banking operations in terms of management structures, controls, systems, liquidity, financial support and expertise to their subsidiaries is a vital component of the FSC's supervisory approach when considering new applications. The ability of the regulator to rely on such support mechanisms permits local operations to be established in the knowledge that should external support be required these are readily available.
The FSC, however, may in certain instances and in particular where the applicant is part of a major established financial services group based in a reputable jurisdiction, consider applications for banking operations which do not have a banking parentage.
In order for the FSC to consider such applications the following additional pre-conditions, to those required of banking applicants, must be met;