BFSB News

Service Must Become The Major Appeal of The Bahamas Addressing the recent Annual Banquet of the Bahamas Institute of Bankers, BFSB CEO and Executive Director Wendy C. Warren pointed out that aspects of the nation’s attributes are being transformed – with onshore and offshore worlds operating more often now on a level playing field. *”I firmly believe our improved regulatory and counter money laundering regime positions The Bahamas for sustained and continued growth in the long term – and this can only be good.”* said Ms. Warren. According to the industry leader, the rules of the game are changing but The Bahamas can lead the field if it chooses to lead the way. *”This is our future. This is our challenge. We hold it in our hands in our actions over the coming months”*, she continued. Addressing those she described as pacesetters in banking, Ms. Warren said the industry has a responsibility to examine *”what we do, how well we do it and, maybe most importantly, to look at what our customers and clients want that we are not doing and start doing it. This is the time to stretch ourselves, to re-invent ourselves at every level of business.”* *”Let us commit to the motto of the Bahamas Institute of Bankers — confidence, loyalty — and integrity and make them the cornerstones of our foundation. Let us build on these cornerstones and take a giant step into a new world delivering such outstanding service that the name “Bahamas” symbolises “service” the world round”,* said Ms. Warren. Bankers were called upon to: – show great *INTEGRITY* in assessing the capabilities of corporations, personnel and the country; – be *LOYAL* to goals and dreams, and the future of the industry; and – have *CONFIDENCE* in the nation’s ability to overcome any shortcomings and surpass expectations. Industry professionals were also reminded that business as usual will no longer be good enough, will no longer be accepted, and will no longer allow those who continue doing what they were doing *without* forging new territory to survive. Practitioners in the financial services sector – one of the two major pillars of the Bahamian economy – can no longer be slaves to the habit of doing business a certain way “because that’s the way it has always been done”. Companies, including those providing financial services, that do “business as usual” without throwing off the shackles of habit that discourage creativity, new ideas, new eyes, and adherence to exceptional service standards will fall by the wayside in an increasingly competitive world, both locally and internationally. The single thing that will most define the industry’s ability to survive and succeed in this world where it is no longer business as usual will be “service”, and the BIB members and guests were asked to re-examine mechanisms for encouraging good service — keeping in mind that the product being sold within the industry is intangible. {*I}”We are selling financial services supported by human relationships, knowledge, promptness and consistency.* It will be through the provision of superior service in a competitive world that The Bahamas will once again be the clear leader in financial services in the Western Hemisphere and the country will thrive on the wings of the second pillar of its economic foundation. Extracts from Remarks by Wendy C. Warren CEO & Executive Director Bahamas Financial Services Board at the 2001 Awards Ceremony Bahamas Institute of Bankers

The Members and Directors of the Bahamas Financial Services Board (BFSB) were grief-stricken when initial reports surfaced of the brutal terrorist attack on the United States, and indeed the civilised world. The news had a particularly devastating effect on a number of our member organisations that worked closely with representatives of companies situated in the World Trade Centre in New York City. We wish to convey our heartfelt sympathy to all Americans as you mourn the loss of your family, friends and associates. Further, we were deeply moved by the actions of the brave fire fighters, policemen and other personnel who lost their lives while saving others, and those who even today, accept further risks as participants in the ongoing recovery efforts. We know that the grief and loss you have to sustain continuously is immeasurable and that nothing can alleviate this, or make up for the loss of your loved ones. However, we want you to know that the thoughts and prayers of The Bahamas’ Financial Services Community are with you. BFSB joins with the Government of The Bahamas in denouncing the horrendous acts of terrorism visited on the United States of America. We also commend and joinThe Bahamas Government in its resolve to be part of a multi-national and united front against terrorism.

The Bahamas Financial Services Board has released the names of the finalists for its Industry Awards, in three distinct categories: Star Performer of the Year, Professional Excellence, and Executive of the Year. The overriding criteria set out for nominations was that the candidate’s performance must have made a positive and consistent impact on the growth and development of the financial services industry in The Bahamas. Further, Star Performers (non-managerial staff) were expected to demonstrate an outstanding work ethic, professionalism in executing duties, to accomplish goals against the odds, and contribute to the expansion of the financial industry. Candidates for the Professional Excellence Award (middle, senior or operations managers) were required to display leadership qualities and consistently make contributions to their organisations. The Executive of the Year category required nominees to exemplify outstanding leadership qualities and contribute to the growth and development of the industry. Nominations were invited from BFSB members, Industry Associations, Industry Regulators, and the general public. Scores received for each nominee were tabulated and verified by independent accountant, appointed by the Bahamas Institute of Chartered Accountants (BICA), Mr. L. Sydney Saunders of L.S. Saunders & Co. An especially-appointed Blue Ribbon Panel then undertook responsibility for reviewing all nominations, and selecting the finalists and winners. Finalists in the categories are as follows: Star Performer: Alden Gibson, Senior Client Accountant of Credit Suisse Trust Limited; Kayla Sturrup, Senior Executive Assistant, Leopold Joseph (Bahamas) Limited. Professional Excellence: Mechelle Albury, Manager, Compliance, Securities Commission of the Bahamas; Terez Curry, Manager of Shareholders Relations, Citco Fund Services (Bahamas) Ltd; Deborah Garland, Manager, Personnel, Leopold Joseph (Bahamas) Limited; and Cecile B. Greene, CA, FLMI, Vice President-Finance, Family Guardian Insurance Company. Executive of the Year: Bruce Bell, Managing Director, Oceanic Bank & Trust; Gregory H.J. Bethel, President, Fidelity Group of Companies; Andrew Dipkin, President, Citco Fund Services (Bahamas) Ltd.; Sandra J. Knowles, Executive Director, Securities Commission of the Bahamas; and Betty Roberts, Managing Director, SG Hambros Bank & Trust (Bahamas) Limited. The winner in each category will be announced at BFSB’s Industry Awards Banquet, the premier event of Financial Services Week, on Wednesday, September 26th. The Banquet is being held in the Balmoral Ballroom of Sandals Royal Bahamian Resort and Spa. BFSB Executive Directory Wendy C. Warren says, “These awards recognise role models in the industry for their outstanding performance and contribution to the growth and development of the financial services industry in The Bahamas. Certainly, they pay tribute to the importance of quality human resources.” Financial Services Week events also include BFSB’s Annual General Meeting on Tuesday, September 25, and conclude on Friday, September 28 with a demonstration of unity by financial services industry firms on Polo Shirt Day.

The Bahamas Financial Services Board (BFSB) is sponsoring “Polo Shirt Day” as part of the Financial Services Week – September 23 through 29 – celebrating the diversity and strength of the financial services industry here in The Bahamas. The Week itself is one of the many activities of “Financial Centre Focus”, an ongoing public awareness and education programme being coordinated by BFSB and various Industry Professional Associations. Photo shows members of the FCF Working Group taking delivery of the Polo Shirts, which sport the BFSB Logo, and which will be worn by personnel within the financial services industry on Friday, September 28. Left to right standing, Suzanne Black, Black & Associates; Patrick Rollins, Rotary Club of East Nassau; Dominique Thompson, The Counsellors. Seated, Donna Nguyen-Comito, BFSB; and Suzanne Pattusch, Axxess International. The Rotary Club of East Nassau serves as part of the Working Group with direct responsibility for the October 8-9 Financial Services Industry Careers Fest, of which it is a co-sponsor.

Professional Association Working Group Established As a private sector driven partnership of government and the private sector, the Bahamas Financial Services Board (BFSB) is committed to drawing on all stockholders and gatekeepers in the development of strategies and long-term plans for the financial services industry. BFSB has established a financial services industry Professional Association Working Group to facilitate capturing the collective intelligence of all industry participants. Associations involved in this outreach cover banking & trust, mutual funds, insurance, investment, compliance officers, the legal and accounting professions, and real estate agents & brokers. They are: Association of International Banks & Trust Companies Bahamas Association of Compliance Officers Bahamas Association of Mutual Fund Administrators Bahamas Association of Life and Health Insurers Bahamas Bar Association Bahamas General Insurance Association Bahamas Institute of Bankers Bahamas Institute of Chartered Accountants Bahamas Real Estate Association Bahamas Society of Financial Analysts Insurance Institute of The Bahamas Society of Trust & Estate Practitioners Since its inception BFSB has worked with these associations on an ongoing basis and, in fact, the Chairmen of most serve as ex officio members on BFSB’s Board of Directors. The Industry Association Working Group currently is working closely with BFSB on the coordination of “Financial Centre Focus”, a wide-ranging public education and awareness outreach. Two initiatives forming an integral part of this outreach are September’s Industry Awards Programme and a Careers Fest planned for October.

**The Bahamas Financial Services Board Introduces Its “Financial Centre Focus” Programme** The Bahamas Financial Services Board (BFSB), in collaboration with the Professional Industry Associations, has launched a Financial Centre Focus programme. FCF is designed to facilitate the growth and development of the financial services industry by profiling the essential components for the continued success of The Bahamas as an international financial services center. This will be done, inter alia, through: -Attracting focused young Bahamians to the sector; -Continued training of industry professionals; -Encouraging all industry participants to keep abreast of changes in the industry The primary goal of the programme is to ensure that The Bahamas remains a competitive financial center. This will be achieved through ongoing public education and awareness programmes, focused on: -Developments in the industry -The importance of high service standards -Enhancing relationships between the financial services industry and the community -Attracting and maintaining qualified industry professionals **FINANCIAL SERVICES INDUSTRY PROFESSIONAL EXCELLENCE AWARDS** The first ***Financial Services Industry Professional Excellence Awards*** programme is designed to recognise role models in the industry for their outstanding performance and contribution to the growth and development of the financial services industry in The Bahamas. The awards recognise the importance of quality human resources for the success of the industry. A Professional Excellence Awards Banquet will be held on September 26, and will be the premier event of Financial Services Week, being observed from September 23 – 29.

Working closely with the newly formed Financial Services Industry Professional Association Working Group, BFSB is developing the framework for an ongoing, year-round programme designed to educate the public and build awareness about the multi-faceted financial services industry of The Bahamas. The outreach will target industry professionals as well — but will not be limited to the top CEO and management levels. CEO & Executive Director Wendy C. Warren points out that BFSB feels strongly that it has a responsibility in creating a new generation of industry professionals. *”A common sense of pride, dedication and loyalty that can be passed on by our stakeholders and gatekeepers is critical to industry development”*, says Ms. Warren. *”We have a role to play in engendering this spirit within our number two industry, given its economic impact”*, she continued. A “Financial Services Week” at the end of September will highlight some of the activities already introduced and launch others. BFSB’s Annual General Meeting and an Awards Presentation will be scheduled during the Week as well. Bfsb-bahamas.com, the premier industry www site, will be used as a key promotional medium throughout this ongoing “Financial Centre Focus” programme and, in fact, is being positioned by BFSB as an information clearing house for a broad range of industry developments and latest industry news postings. Redesigned by web application development firm Thyme Online Ltd., BFSB’s site now provides a more content-based interface. It allows repeat visitors to view new and updated content from the opening page, while still allowing new visitors to access archives of older content. The navigation system has been redesigned as well, in order to provide a simple and intuitive way to access site contents. Thyme Online also specialises in e-commerce solutions and, earlier this year, teamed with Axxess International to develop an online B$ credit card transaction system — facilitating the sale of BFSB’s Financial Services Guide from the site.

Recognising the importance of drawing on the expertise and resources of its international friends and partners – also stakeholders in the international financial services sector — the Bahamas Financial Services Board has resolved to actively involve these intermediaries in the development of medium to long-term strategies for the industry. As the “Bahamas Brand” is redefined, it is essential, too, that the message is communicated internationally. A well-targeted series of Briefing Sessions has been scheduled for the U.K. and Europe during September, with similar sessions to follow in North America during October. The first portion will include London, Geneva, Zurich, and Lugano. In North America, the BFSB Team will visit Washington, New York, Toronto, and Montreal. The meetings and information exchanges planned for these sessions will be structured to reaffirm The Bahamas as the jurisdiction of choice for the conduct of legitimate international business. Tentative plans include a Latin American series, possibly during April 2002 to coincide with the annual Shorex South America 2002 conference in Argentina.

BFSB’s 2001 European Briefing sessions, originally scheduled during June, have now been rescheduled for September, with an added component into North America during the beginning of October: European Sessions – London: September 6 – 10 – Geneva: September 11 – Zurich: September 12 – Lugano: September 13 North American Sessions – Washington: October 1 – New York: October 2 – 3 – Toronto: October 4 – Montreal: October 5 The Latin American component has not been rescheduled as yet, although tentative plans call for the visits during April, 2002. The proposal is to plan dates which will coincide with the Shorex Conference, scheduled for April 16 – 17 The meetings and information exchanges planned for each of the visits will serve to reaffirm The Bahamas as the jurisdiction of choice for the conduct of legitimate international business.

BFSB Business Plan 2001 called for an outreach to industry stakeholders and gatekeepers as it developed strategies, capturing the collective intelligence of all stakeholders and interested persons to formulate a long-range plan for the industry. A part of this outreach will include Intermediary Briefings in the UK and Europe. Such meetings are considered key to providing The Bahamas’ external contacts with the latest developments in the financial services industry and ensuring that the jurisdiction maintains the traditional high profile in these markets. The “Debriefing Sessions” initially planned for London and Switzerland in June have been postponed to September. During this year, BFSB also is encouraging strong Bahamas’ representation for a number of major conferences which focus on areas of international financial services. As such, a delegation will still attend the Transcontinental Trusts Conference scheduled for June 17 – 18 in Geneva, and originally included in the programme for the June Debriefing Sessions.