For a little over two years the Financial Services Commission has been very active in taking steps to help Montserrat meet international standards for financial regulation. This has been the period for the first full time Commissioner whose extended contract comes to an end on October 6.

Mr. Peacock

Commissioner, Thomas Peacock should be commended as he worked hard to make the regulatory body a participant of getting Montserrat “back up on its feet”. In the aftermath of the volcano most of the country’s attention was taken up with building back life and the economy while the private sector struggled to get their businesses running profitably again. With these more important areas, Financial Services had to take a ‘back seat’. But meantime, the international community increased its pressure for effective regulatory regimes for all jurisdictions and the need for a fulltime Commissioner became apparent.

Mr. Peacock recounts briefly his undertakings. The first matters on his desk when he joined the Commission in June 2004, were some draft amendments to legislation that were to meet new international standards for anti-money laundering. After reviewing and amending these and moving on to amend a new draft International Banking and Trust Companies Act, he organized the first Anti-money laundering education seminar for Montserrat. From there it has been steady progression of improvement for the Commission, the financial regulatory work and he will be leaving with the following laws in the enactment process: Money Services Business Act and Regulations; Company Management Amendment Act; a new International Business Companies Act and Regulations; new Mutual Funds Act and Regulations; and new Co-Operative Societies Act Regulations to cover the standards that Credit Unions must meet.

Although the FSC is a statutory body corporate, it is independent of the Government in line with world standards. This requirement is an attempt to make regulation free from political interference and is generally so understood although Mr. Peacock feels that on a couple of occasions he, had to take a strong stand in defense.

Tom Peacock has obviously enjoyed his time in Montserrat, while he finds the island very quiet. “All have been pleasant to deal with and those I have worked with have always been very co-operative,” he said.

The honourable Financial Secretary John Skerritt with whom he has worked closely said of Mr. Peacock: “He worked hard at trying to get our legislation up to meet international standards and he has had some measure of success at this. He was very much a stickler for standards;” commenting that others may see that differently, “but since here the financial legislations have progressed.”

Mr. Peacock is an Anguillan, and he will be returning to his home in Anguilla at the end of his contract. According to him although he has several opportunities to consider both at home and elsewhere, he told The Montserrat Reporter, “I will take some time before making any decision.

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