Financial Sector Regulation

The department regulates financial institutions, protects financial consumers and promotes financial literacy, capability and inclusion. The regulatory objectives are to:

The department undertakes the following:

With respect to the formulation of regulatory standards, the Registrar is vested with the authority, as per the Financial Services Laws, to issue directives. These directives represent subordinate legislation issued under the auspices of enabling provisions within the substantive legislative framework, serving the purpose of implementing, elaborating upon, and providing clarity regarding specific provisions. This facilitates clear guidance for market participants. The development of these regulatory standards is underpinned by established international norms, with due consideration given to local contextualization.

Timely and effective responses to non-compliance with the regulatory framework by market participants are paramount in achieving the Registrar's objectives. To this end, the Financial Services Laws provide an array of enforcement tools at the disposal of the Registrar, contingent upon the nature and extent of the violation. On a less severe scale, the Registrar has the authority to issue directions to financial institutions, mandating specific actions or the cessation of undesirable conduct. This authority can escalate to encompass monetary penalties, statutory management, or the possibility of an institution's exit, depending on the gravity of the transgression.