Pierre Urges Financial Institutions To Prepare For Future Challenges

Prime Minister Philip J. Pierre addressed the Financial Services Regulation Authority (FSRA) Symposium, celebrating the agency’s 10 years of regulating non-bank financial institutions in Saint Lucia. The Prime Minister highlighted the importance of the FSRA’s work in keeping the country’s financial sector strong and secure. He noted that while Saint Lucia faces challenges like climate change and economic shocks, the economy is improving. According to the PM, Tourism is booming, unemployment is at its lowest, and businesses have new opportunities to grow. He encouraged financial institutions to take advantage of the current growth to prepare for any future challenges. Pierre also urged businesses to use government tax waivers on overdue taxes, calling it a benefit for both companies and the government. In addition, he spoke about the rapid changes in technology, like AI and blockchain, and stressed the need for proper rules to manage these developments. Finally, he emphasised that financial rules must be fair and accessible to everyone, especially ordinary citizens while calling for more education to help people understand financial regulations and their benefits. Photo: Philip J. Pierre file image. The article Pierre Urges Financial Institutions To Prepare For Future Challenges is from St. Lucia Times.