Mr. Kenneth Baker will not have to serve much longer in an acting role as the BVI Financial Services Commission (BVIFSC) has announced his promotion to Managing Director/Chief Executive Officer, will take effect February 1, 2021.
According to the BVIFSC, Mr. Baker’s new responsibilities include oversight of all aspects of the Commission’s day-to-day operations including the regulation of the BVI’s financial services industry; the development of new services; strengthening product offerings aimed at developing, and enhancing the attractiveness of the BVI as a premier international finance centre; and liaising with Government and private sector stakeholders in pursuance of this objective.
“I am delighted to have been appointed the Managing Director/CEO of the Commission. Together with the talented senior management team, who were all groomed under the tutelage of Dr Mathavious OBE, we now transition the Commission to a risk-based operating model for greater effectiveness in supervision and will proactively address emerging challenges and strengthen the product offering,” Mr. Baker stated.
Mr. Baker’s experience in the financial services sector spans over 37 years. He was appointed acting MD/CEO when Dr. Robert Mathavious, OBE officially retired from the position on December 31, 2020.
Mr. Baker joined the Financial Services Department of the Virgin Islands
Government in June 2000, as the Inspector of Banks and Trust Companies after his private-sector career in Banking. Mr. Baker was appointed as Director, Banking and Fiduciary Services following the Commission’s establishment in 2002 and later promoted to Deputy Managing Director, Regulation in 2005. Mr. Baker holds a Bachelor of Business Administration (International Corporate Finance), 1988.
Board of Commissioners’ Chairman, Robin Gaul said Mr. Baker has the necessary administrative skills and knowledge of the Territory’s relevant legislation, with exposure to the various facets of regulation and enforcement procedures, and has proven to be a team player, with the ability to interact both with the public and private communities.
"He has garnered the respect of both senior and junior management, staff members, as well as stakeholders in the Industry. I extend heartiest congratulations to Mr. Baker and wish him every success in his new and expanded role within the Commission,” Mr. Gaul stated.
Dr. Mathavious retired from the position after 18 years of service as the Commission’s first MD/CEO.