Education & Training

Education & Training, Industry News

The Future of Education in the Caribbean

/

**Regional Human Resource Development Strategy and Action Plan** The [Caribbean Development Bank](http://www.caribank.org/) (CDB) plans to launch a new Education and Training Policy and Strategy later in 2016, incorporating input from some of the Caribbean Region’s key stakeholders. The Bank has undertaken a consultative process to ensure that the document, which will guide its funding and support for education and training in the Region, is aligned to countries’ specific needs. In addition to guiding the Bank’s development assistance to its Borrowing Member Countries (BMCs), the Strategy and Policy will take into account regional and global agendas on education. *“As we contemplate a new education development agenda, we should be innovative and bold,”* said Deidre Clarendon, Division Chief, Social Sector Division, CDB, during the recent opening of the Regional Consultation. *“The new Policy and Strategy will focus our attention on the existing disparities within the system and will be designed to strengthen the capacity of education systems in BMCs. It will help these countries achieve positive learning outcomes and contribute to building a high-quality knowledge economy in the Region,”* she noted. CDB’s new Education and Training Policy and Strategy builds on the results of a comprehensive review of the existing 2004 Policy and Strategy. The development of the new version complements CDB’s ongoing collaboration with the Caribbean Community (CARICOM) to prepare a Regional Human Resource Development Strategy and Action Plan.

Education & Training, Industry News, The Economy

Education for a Modern Bahamas

/

Today, the Hon. Jerome Kennedy Fitzgerald M.P., Minister of Education, Science and Technology, commended the “Bill To Establish the University of The Bahamas” to the Bahamas Parliament for its second reading and passage. He noted that having a [University of The Bahamas](http://www.cob.edu.bs/About/Vision.php) is extremely important to develop and retain talented and committed young persons to contribute to nation building. *”It really goes to the heart of what it means to be a sovereign nation,”* the Minister asserted. He expressed the firm belief that a national university committed to the task of generating and disseminating local knowledge will begin to inspire Bahamians to change their own condition in ways that will allow them to own it and thereby change it. *”With lives grounded in knowledge, all persons have the power to change their circumstances. We need to embrace a culture of learning in order to allow us to rise above, despite the circumstances we may have been dealt in life. Self-knowledge connects us to ourselves in ways that allow us to change ourselves and thus our condition.”* Minister Fitzgerald says the Nation must ensure the success of the University, which holds the promise of becoming the engine of The Bahamas’ intellectual community and the generator of Bahamian knowledge grounded in critical self-reflection in a Bahamian academy – and, thus, one of the keys to building a stronger, more modern, and more united Bahamas. Master Plan 2013-2025 The College of The Bahamas’ transition towards university status has been an organic process, and woven into that process has been systematic decisions taken to advance the university-transition process. The Minister continued, *”The university is not a static object. It is a dynamic setting that demands intellectual responsiveness and ongoing development. To meet the immediate priorities of the University, financial sustainability plans – directed at diversifying revenue sources through entrepreneurial activity, advisory services, and expanding university endowments and research grant funding – are being implemented. Once established, the University will also launch an aggressive capital projects campaign.”* See [here](http://www.cob.edu.bs/Council/MasterPlan.pdf) for the Master Plan commissioned by the Council of the College.

BFSB News, Education & Training, Industry News, Insurance

Second Bahamian Insurance Professional Achieves ACI Designation

/

Yolanda G. Moss, an Account Executive at J.S. Johnson & Co., is the second local insurance sector practitioner to qualify for the Associates in Captive Insurance (ACI) designation. She already held the ACII (Advance Diploma in Insurance) qualification from the Chartered Insurance Institute (UK). The International Center for Captive Insurance Education (ICCIE), based in Vermont, introduced the ACI programme in 2004 to meet an identified need in the captive training space; it is described as the first comprehensive captive insurance education programme in North America, with the ACI designation recognised and respected globally. Yolanda says, “I am absolutely thrilled to have completed the ACI designation; the past year has gone by in a whirlwind but I found the ICCIE courses particularly interesting. Insurance at its core is the same: it is simply a mechanism to transfer risk. What the courses showed me is a new facet to the industry, which truly is a broad field. And, of course, I got a greater appreciation for just how widely regulations differ between jurisdictions. I’m so grateful to have been afforded this opportunity, and I am particularly thankful that J. S. Johnson was so accommodating. Through our broker affiliations I already have been able to put my knowledge to use, and I anticipate that The Bahamas will again be seen as a worthy captives domicile in years to come.” The Bahamas Financial Services Board (BFSB) and the Insurance Commission of The Bahamas (ICB) introduced the ACI Designation programme in The Bahamas in 2013 – in fact, offering scholarships to interested insurance practitioners. ICCIE has applauded BFSB’s commitment to the highest standard in captive insurance professionalism, noting that this signifies the domicile’s commitment to excellence in the industry, while both BFSB and the ICB have acknowledged the value of the programme in creating an environment that is conducive to the growth of the captives sector. They point, particularly, to its importance in ensuring that The Bahamas continues to meet standards of international best practice. Collaboration on the ongoing scholarship initiative has been provided by the Ministry of Financial Services, the Bahamas Insurance Association and the Insurance Institute of The Bahamas. Anastasia Campbell, Partner at Graham Thompson, was the first Bahamian to qualify for the ACI designation earlier this year, and currently two other scholarship recipients are completing the programme. It is anticipated that at least two other scholarships will be awarded in 2017.

BFSB News, Education & Training

Financial Services Sector Contributes to Hurricane Recovery Efforts in The Southern Bahamas

/

The financial services industry always has been committed to the development of The Bahamas. In the immediate aftermath of the devastation brought on by hurricane Joaquin to the southern islands, the members of the Association of International Banks and Trust Companies (AIBT) and The Bahamas Financial Services Board (BFSB) felt compelled to contribute to the recovery efforts which remain underway today. A relief fund was established from the generous donations of member financial services firms from both organisations. The hurricane left a number of southern islands severely devastated. BFSB was made aware that the schools and clinic were in need of computers and office equipment such as printers on the islands of Acklins and Crooked Island as they were lost or severely damaged in the storm. *”We wanted to make sure the funds were used to further the hurricane relief efforts in a manner that would directly benefit the lives of the citizens on the island in a tangible and meaningful way – in particular the children. Education is important and the children of the Southern islands should have access to state of the art computer equipment as they seek to get back to normalcy. Hence, we determined that it was important to invest in equipment for the schools in particular as well as lend support to health care providers on the islands – some of whom now operate from the same premises as the schools.”* remarks BFSB’s CEO, Tanya McCartney. AIBT Chair Antoinette Russell adds, *”Social Partnership is one of the founding and guiding principles of AIBT, and our Members wanted to do their part as an Association to directly and positively impact the lives of those affected by last year’s devastating hurricane. As a people-driven sector, we know that there is no more important resource than our youth. They represent the next generation of leaders of our country and our sector and through this donation, we hope to help the affected students and communities of Acklins and Crooked Islands return to their daily pursuits, fully equipped to achieve their goals and future success.”* Upon request for assistance for the community of the Southern Bahamas, the Bahamas’ financial services sector was able to make a significant impact. AIBT and BFSB acquired over thirty thousand dollars’ worth of equipment for the following institutions in the Southern Bahamas: * Ulric Ferguson Primary School * Crooked Island High School * Colonel Hill Clinic, Crooked Island * Acklins Central High School In total, thirty (30) desktop computers, eight (8) copiers/printers, two (2) laptops and one (1) multiple tray copier/ printer were procured to service the students and teachers of these communities, as well as the local clinic. Technical support was provided by Micronet Technology to help with the installation of the multiple tray copier/printer sourced at their company. Plans are underway to provide equipment to the remaining schools in Long Cay, Crooked Island and Acklins. *Photo Caption: Ms. Anastacia Johnson, The Association of International Banks & Trust Companies, Miss Tessa Nottage, Principal, Ministry of Education, Ms. Linda Moultrie Missick, District Education Officer – Southern Bahamas, Miss. Tanya McCartney, CEO & Executive Director – The Bahamas Financial Services Board*

Education & Training, Insurance, International Issues

Associates in Captive Insurance (ACI) Designee

/

The Bahamas has its first ACI Designee. Anastasia Campbell, Partner at Graham Thompson, has completed the globally recognised and respected Associate in Captive Insurance (ACI) designation programme offered by the International Center for Captive Insurance Education (ICCIE). In 2013, the Bahamas Financial Services Board (BFSB) and the Insurance Commission of The Bahamas partnered to provide full scholarships for the ACI designation. The initiative was introduced in collaboration with the Ministry of Financial Services, the Bahamas Insurance Association and the Insurance Institute of The Bahamas, who also participated on the evaluation committee for selecting scholarship recipients. At that time, BFSB announced that it was targetting those persons interested in the captives sector and who intend to work in or to assist the industry. ICCIE was chosen as a partner because it was the first comprehensive captive insurance education programme in North America, and its courses were considered relevant to any domicile around the world. Anastasia Campbell, then an Associate in the Corporate & Financial Services Group (including the insurance sector) at Graham Thompson was one of the first two scholarship awardees for the introductory programme. Now a Partner at GT, Anastasia’s practice areas include Banking & Finance, Corporate, Commercial & Securities, Immigration & Naturalization, Insurance, and Private Clients, Trusts & Estates. She says, *”The ICCIE program was comprehensive and, at times, quite rigorous. I am absolutely elated to have completed the program and receive the ACI designation. Apart from the personal achievement, I trust my designation contributes to The Bahamas to enhance expertise within the industry. Certainly as more Bahamians attain the ACI designation, The Bahamas will continue to re-remerge as a top domicile for captives, boasting a well regulated environment and proficient and accessible service providers.”* Mitch Cantor, ICCIE Executive Director says, *”Here at ICCIE we applaud both Anastasia’s achievement and the BFSB’s commitment to the highest standard in captive insurance professionalism. The Bahamas’ scholarship programme for students entering the Associate in Captive Insurance (ACI) programme is a clear sign of the domicile’s commitment to excellence in the industry.”* The ACI designation was created by ICCIE after feedback from industry experts made it clear that a captive insurance education designation should be available through a comprehensive programme of study. *”We commend Anastasia on her accomplishment,”* BFSB CEO Tanya McCartney says. *”The ICCIE scholarship programme is indicative of The Bahamas’ renewed committed to creating an environment that is conducive to the growth of the captive sector.”* Michele Fields, ICB Superintendent adds, *”We also congratulate Anastacia on her achievement. We encourage other professionals who are now involved or wish to be involved in the captive insurance sector to pursue such accreditation that will further inspire confidence regarding the relevant expertise available in The Bahamas”*. There currently are 3 other BFSB/ICB scholarship students completing the designation programme, with two other scholarships to be awarded in 2017. BFSB’s CEO confirms, *”A key ‘Bahamas Advantage’ always has been our highly skilled professionals. We are committed to increasing capacity as it relates to captives as we see this as a key market opportunity with significant potential for the financial services sector. Further, The Bahamas Financial Services Board will continue to collaborate with The Insurance Commission of the Bahamas and International Center for Captive Insurance Education as we seek to ensure that The Bahamas continues to meet standards of international best practice.”*

Business, Education & Training, Industry News, International Issues

CPA Canada Recognised in The Bahamas

/

The Bahamas Institute of Chartered Accountants (BICA) now recognises the [Chartered Professional Accountants of Canada](http://www.cpacanada.ca) (CPA Canada) as an approved professional body. The [BICA](http://www.bica.bs) Act provides terms and conditions for qualified CPA Canada professionals based in The Bahamas to apply for membership and for the issuance of a license to practice public accounting. *“Members of Council look forward to a cooperative relationship with CPA Canada,”* says Darnell Osborne, BICA President. Nancy Foran, CPA Canada Vice-President, International, the Americas, also welcomes the formal recognition for her organization and appreciates the spirit of cooperation from BICA. *“We look forward to working with the accounting community in The Bahamas to grow and develop the profession”* she says. Foran adds that someone based in The Bahamas, wishing to obtain the Canadian CPA designation, does not need to travel outside the region to do so. The majority of the study can be done online with the few in-person sessions being offered locally. Canadian CPAs enjoy true global recognition, and currently there are over 200,000 Canadian CPAs worldwide. **[Canada CPA Caribbean](https://caribbean.cpacanada.ca/en/the-cpa-profession/about-cpa-canada-in-the-caribbean)** CPA Canada is an affiliate member of the Institute of Chartered Accountants of the Caribbean (ICAC), and is recognised among the ICAC’s member institutes across the region. CPA Canada promotes and delivers the Canadian Chartered Professional Accountant (CPA) certification program – the CPA Professional Education Program (CPA PEP) – as well as the CPA Prerequisite Education Program (CPA PREP) modules in the Caribbean region.

Education & Training, Industry News, Private Wealth Management

St. Lucia Hosts Regional STEP Conference

/

The 2016 [STEP Caribbean Conference](http://www.stepcaribbeanconference.com) (STEPCC) is being held April 25-27 in St. Lucia. Under the theme “Riding the Curl…Mastering The Waves of Change” the annual event hosts a stellar lineup of speakers drawn from the financial services sector from around the world – experts in trust and wealth structuring. Thirteen jurisdictions in the Caribbean region are participating, with each having served on the conference steering committee charged with developing the 3-day programme. The Bahamas Ministry of Financial Services was a sponsor of last evening’s Cocktail Reception, with Minister the Hon. C.V. Hope Strachan, M.P., presenting remarks on the strength of the Bahamian financial services sector. Also yesterday, Conference delegates recognised the Top STEP Diploma Student in the Caribbean and Latin American Region – none other than Veronique Evans of Evans & Co., Nassau. The recipient of the annual Award achieved the highest average grade covering all papers for the STEP Diploma in International Trust Management for the period February 2015 – January 2016. Earlier this year when announcing the programme, STEP CC16 Chair Natalie Augustin of St. Lucia Law Firm Glitzenhirn Augustin & Co. stated *”Increasingly trust professionals are facing a myriad of issues on a daily basis and change seems to be the only constant.”* The STEP Caribbean Conference has been designed to provide delegates with thought leadership on a variety of topics and the Chair says *”delegates will come away from the conference fully equipped to deal with the on-going turbulence of the sector on a macro scale.”* For over 16 years, the steering committee for the STEP Caribbean Conference has been meeting to produce one of the world’s best attended and most talked about trust conferences. The STEP Caribbean region, part of the larger STEP worldwide association, is fast becoming one of the most influential and largest regions in the STEP world. *Photo Caption: Minister Hope Strachan, fifth from left, stands with the Bahamian delegates and STEP student award winner Veronique Evans, centre, at the 2016 STEP Caribbean Conference in St. Lucia. Photo Credit – Andrew Robichaud/Springstreet Communications Inc.*

Education & Training

COB Business Week

/

The [College of The Bahamas](http://www.cob.edu.bs/) School of Business is preparing for the 2016 edition of [Business Week](http://www.cob.edu.bs/FLYERS/SBUS_BUSINESSWEEK_SPR2016.pdf), March 7 through 11. This year’s event is being held under the theme, “Building a Stronger Economy through Entrepreneurship, Creativity and Innovation”. According to Remelda Moxey, Acting Dean of Faculty and Assistant Professor at the School of Business, Business Week is designed to engage the COB community in discourse geared around business in The Bahamas and best practices. She said, *”To further augment this conversation, former students have been invited to share their experiences and journey before, during and after their tenure at The College of The Bahamas. In an effort to enhance this involvement we also saw it necessary to invite business executives from the public and private sector to share their understandings in an effort to prepare students for the business world.”* Glen Davis, coordinator and lecturer in the School of Business, added: *”This year’s Business Week promises to be an exciting one discussing the role of small and medium enterprises in the development of the local economy. We have a list of young successful Bahamian entrepreneurs who we are beyond pleased to recognize during Business Week.”* Also included in the Week’s activities will be a discussion on the state of the economy post Value Added Tax (VAT), and an essay and speech competition to allow students to compete amongst their peers for prizes, surprises and the opportunity to showcase their talents. The School of Business at the College offers a broad range of programmes in the dynamic fields of business administration. The School of Business’ goal is to provide model service while preparing students to become entrepreneurs and executives in business. Additionally, the school aims to further add to the development of the corporate arena of The Bahamas in general. At the Oakes Field Campus, the programmes of study lead to the Bachelor in Business Administration Degree and are designed to prepare students to assume responsible positions in business and governmental organisations, or to pursue post graduate degrees, whether locally or overseas. The Northern Bahamas Campus offers the Bachelor in Business Administration in Accounting and Management as well as an Associate of Arts in Computer Information Systems. Additionally, at the Family Island Centres, an Associate of Arts in Business and a Certificate in Business Administration are available, but are subject to demand.

BFSB News, Education & Training, Industry News

Bahamas Millennials Society Elects First Management Committee

/

The Bahamas Millennials Society (BMS) held its first Annual General Meeting (AGM) yesterday in the Boardroom of the Bahamas Financial Services Board. The BMS is a voluntary, membership-based programme open to financial services sector millennials – i.e. those born between 1979 – 1993. Eligible are employees of BFSB member firms; also eligible are students studying full-time or part time in a degree related to financial services, law, technology or real estate – either at the College of the Bahamas or abroad. [BFSB launched the BMS in November 2014](https://bfsb-bahamas.com/news.php?cmd=view&id=3336&pre=y) after [months of planning](https://bfsb-bahamas.com/news.php?cmd=view&id=3270&pre=y), but it now has become an independent society; it retains the three [key objectives](https://bfsb-bahamas.com/news.php?cmd=view&id=3327&pre=y) established for the initiative at inception: exposure, networking and mentorship for millennials within the industry. Those elected to the 2016 Management Committee are: * President: Khrystle Rutherford Ferguson, Fidelity Bank & Trust * Vice President: Taran Mackey, IPG Family Office * Treasurer: Melissa Smith, Julius Baer Bank & Trust * Secretary: Talitha Wallace, Fidelity Bank & Trust President Rutherford Ferguson says she expects a great deal of the newly elected management team and that she is looking forward to the future of the society. *“I am honored to have been given this opportunity. My team and I look forward to adding value to our fellow Millennials engaged in the Financial Services sector. A recent study conducted by Goldman Sachs describes Millennials as one of the largest generations in history; one that will reshape the economy and will force companies to examine how they do business for decades to come.”* She continues, *“The Bahamas Millennial Society was launched to offer exposure, networking and mentoring opportunities to all of our members, thereby ensuring the continued growth of our industry. We anticipate an exciting term filled with enriching and diverse activities for both professional and personal advancement.”* Photo Caption: Khrystle Rutherford Ferguson, President (Fidelity Bank); Melissa Smith, Treasurer (Julius Baer); Tanya McCartney, CEO (Bahamas Financial Services Board); Talitha Wallace, Secretary (Fidelity Bank); Taran Mackey, Vice President (IPG Family Office)

Education & Training, Industry News

Financial Services Training Institute Changes Premises

/

The Bahamas Institute of Financial Services (BIFS) has relocated to the Union Court Building, situated on the corner of Elizabeth Avenue and Shirley Street. Management says the move was planned to provide greater quality service to the hundreds of students/professionals participating in programmes offered. The move also provides the technological capacity to accommodate on-line students in the Family Islands and the Turks and Caicos – or any other location. A major focus of BIFS’ strategic focus is to assist employees in their pursuit of a high standard of education and training opportunities to enhance workplace performance and skills building. It continues to play a key role in human capital development in the financial services industry across the broad spectrum of the sector.

Scroll to Top