The new Director in the Ministry will be announced next month and is a “senior figure from the industry,” according to Minister of Financial Services Ryan Pinder.

Speaking at the Bahamas Institute of Financial Services’ (BIFS) seminar held at the British Colonial Hilton today, the Minister said the new Director would be promoted to the role July 1 and hinted that the position would be filled by a woman.

He also indicated that the new staff member would be well-received by the private sector, and was well-known to the members of the financial services community.

The newly created Ministry of Financial Services has adopted a six-month business plan to kickstart reform of the financial sector.

An educational initiative will be launched in August as part of the strategic plan and the Minister stressed that this would help build skills in all areas of the industry, saying: “It is important to focus on education to advance Bahamians in their respective industries.”

The six-month roadmap will lead to the formation of a five-year plan, according to Minister Pinder, who said that the Ministry’s mandate is to grow the sector and promote The Bahamas as a competitive, thriving jurisdiction.

“Our first goal is to develop medium- and long-term marketing plans for the country and to leverage all sectors. We will create a business plan for the industry to highlight our strengths and recognize what our international competitors are doing,” he said.

“We want to develop an intiative focused on rebranding The Bahamas as a major international business centre.”

The BIFS seminars run through Thursday, with presentations from the Bahamas Chamber of Commerce and Employers Confederation and the Bahamas Association of Compliance Officers to follow later in the week.

cmorris@dupuch.com