BASSETERRE, St. Kitts, CMC -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.
In a statement, the ECCB said that the action was taken in consultation and collaboration with the FICS board of directors and management and that the appointment became effective on Monday,
It said that in his capacity as official administrator, Streete has now assumed responsibility for FICS’s management and operations.
“FICS remains open to serve its customers and the wider public. It continues to hold a license to carry on banking business in St. Lucia and remains under the regulatory oversight of the ECCB,” it said.
The 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.
Streete is a senior finance professional with over 30 years of financial sector regulatory experience across the Caribbean. The ECCB said that the official administrator, along with FICS’ staff and support from the Central Bank, will work to ensure that the institution is managed to best protect depositors’ interests.
“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,” the ECCB said.
The ECCB was established in October 1983. It is the monetary authority for Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, St/ Kitts-Nevis, St. Lucia, St. Vincent, and the Grenadines.