Governance

Accountability and impartiality are both crucial to the success of the FSC. To achieve these objectives, the Financial Services Commission Act establishes a Board of Commissioners. The Board of Commissioners is the governing body of the FSC and is among other things, responsible for:

Establishing policy for the FSC and monitoring and overseeing its implementation: and
Monitoring and overseeing the management of the FSC with the objective of ensuring that the resources of the FSC are utilised economically and efficiently

The Board of Commissioners is comprised of the Managing Director as an ex officio member and not less than four or more than six other members. Persons eligible for appointment to the Board of Commissioners must be fit and proper and possess relevant knowledge, experience and expertise in financial services matters to aid the FSC in the performance of its functions.

Gerard Ferara, KC

Chairman

Mr Gerard St. Clair Farara, KC, is a native Virgin Islander with an extensive background in civil, insolvency, and commercial litigation, underpinning an illustrious career at the legal Bar and Bench and as a scholar and public speaker. Mr Farara KC was admitted to the BVI Bar in 1977 and later appointed Queen’s Counsel, now King’s Counsel, in 1996. Having worked at the public and private Bar in his early years as a Barrister-at-Law, Mr Farara established his own practice in 1985, which, after various evolutionary changes, became Farara Kerins and ultimately merged with the offshore law firm – Collas Crill, where Mr Farara KC served as equity and managing partner until he retired from the practice of law at the Bar at the end of 2019. Over his illustrious career Mr Farara has served on many occasions as an acting judge of the Eastern Caribbean Supreme Court. As an acting judge of the Commercial Division in BVI, Mr. Farara has dealt with a wide range of matters involving commercial, company, and insolvency law, and trust issues, also authoring several judgments involving financial services matters. Further, Mr Farara has acted as a judge of the High Courts in St Lucia and Grenada and, more recently, of the Court of Appeal of the Eastern Caribbean Supreme Court (ECSC) from 2020. Mr Farara KC has also served as chairman and member of several statutory bodies in the BVI over the course of his 47 years as a lawyer. Most notably, Mr. Farara was chairman of the 2005 Constitutional Review Commission in the BVI which recommendations led to the coming into force of the 2007 Constitution. He is a first-line speaker of choice on constitutional and related issues and has delivered several studied papers and lectures on topics such as constitutional advancement, self-determination, good governance, and on specific areas of law, including insolvency. Mr Farara’s appointment as Chairman of the BVI Financial Services Commission Board of Commissioners commenced on 1 August 2024.

Kharid Fraser

Deputy Chair

Mrs Fraser has had an illustrious career as a banker who started in New York with CitiBank/Citicorp. During her tenure with CitiBank/Citicorp, she rose through the ranks, starting as Operations Supervisor in 1977 and ending as Assistant Vice President 1991-1993. In 1993, Mrs Fraser joined the Treasury Department of the Virgin Islands Government as Deputy Accountant General, and in 1995 she was appointed as Accountant General. She was appointed Acting Financial Secretary from 2005 – 2006 and resumed the role as Accountant General from 2006 until 2013, when she retired from the Public Service. Mrs Fraser holds a Bachelor of Arts in Business Administration from the University of the Virgin Islands and a Master of Business Administration from Florida Metropolitan University.

Kenneth Baker

Ex officio

Mr Kenneth Baker was appointed the second Managing Director and Chief Executive Officer of the Financial Services Commission in February 2021. As the Managing Director/CEO, he is responsible for the administration and operation of the Financial Services Commission. His responsibilities include regulating the BVI’s financial industry; the development of new service and product offerings aimed at developing and enhancing the attractiveness of the BVI as a situs for legitimate cross border financial services; and liaising with the Government and private sector stakeholders in pursuance of this objective. Mr Baker’s track record spans 37 years in the banking and financial services sector. He joined the Financial Services Department in June 2000 as the Inspector of Banks and Trust Companies after a private-sector career in banking. He was appointed Deputy Managing Director, Regulation in April 2005 and jointly held the position Director, Banking, Insolvency and Fiduciary Services Division.

Johanna Boyd

Commissioner

Ms Johanna Boyd has amassed over 32 years of experience in the Legal and offshore industry with noted expertise in the corporate and trust field, compliance, and legal matters. She held various senior roles, including Legal Assistant, Corporate Trust Officer and Human Resources Manager. Now retired, Ms Boyd is both a business and hospitality entrepreneur. Ms Boyd’s lengthy business career has ably prepared her to understand all operational aspects of business, including legal and regulatory factors. She previously owned a successful engraving business of 25 years and is currently a proprietor of two multi-unit lodging-related establishments within the hospitality industry.

Paul Carty

Commissioner

Mr Paul Carty is currently the Managing Director/CEO of J CARDEN Construction Ltd and Director, Desaltech Enterprises Limited. His illustrious career encompasses 27 years in the banking sector. Mr Carty's banking career began with the National Bank of the Virgin Islands Limited (NBVI) (formerly Development Bank of the Virgin Islands). While there, he held the posts of Teller/Loan Clerk, Corporate Secretary and later secretary to the Board of Directors. After 19 years of service with NBVI, Mr Carty joined the FirstBank Virgin Islands, management team. During his tenure with FirstBank, he served as the Credit Admiration Unit Manager, overseeing the Bank's asset quality and quality assurance process. The vast experience which Mr Carty acquired throughout his banking career included numerous training

William C. Gilmore

Commissioner

Mr William (Bill) Gilmore, PhD, was born in Nassau, Bahamas. He is an Emeritus Professor of International Criminal Law at the University of Edinburgh, Scotland and a former Dean of its Law School. Mr Gilmore has written extensively on transnational money laundering, the financing of terrorism, international cooperation in criminal matters and associated issues. He was the legal scientific expert to MONEYVAL, the FATF-style regional body for Europe, for two decades. From 2006-2018 he was a member of the Cayman Islands Monetary Authority Board of Directors. At an earlier stage of his career, he taught for several years at the University of the West Indies in Barbados.

Ramnarine Mungroo

Commissioner

Mr Ramnarine Mungroo is an Attorney-at-Law and Chartered Insurance Practitioner and Principal of the firm R. Mungroo & Associates Attorneys-at-Law, in Port of Spain, Trinidad. Mr Mungroo has a breadth of experience and expertise in the fields of law and general insurance. He has provided technical insurance training both as a part-time lecturer with the Trinidad & Tobago Insurance Institute and as a consultant providing training regularly for several Insurance companies in Trinidad & Tobago, Grenada, St. Vincent and St. Lucia. Mr Mungroo is considered one of the most reputable insurance professionals in Trinidad & Tobago and parts of the Caribbean due to his combined wealth of knowledge and experience. He holds a Bachelor of Laws (Hons) degree from the University of London, UK. He acquired a postgraduate degree in Legal Practice (Comm) from the University of Wolverhampton, UK and was admitted to the Bar of Trinidad & Tobago. Mr Mungroo also holds a Diploma in Insurance from the Trinidad & Tobago Insurance Institute and obtained an Associate Degree from the Associateship of the Chartered Insurance Institute (ACII) England and was awarded a Chartered status from the Chartered Insurance Institute, England.

Patlian Johnson

Commissioner

Ms Patlian Johnson is a trained specialist in economics and finance with additional qualifications in accounting and public policy analysis. She currently holds the position of National Coordinator BVI Project Office with the United Nations Development Programme (UNDP), where she manages and coordinates UNDP priorities that align with those of the VI Government, including digital transformation, blue economy, and resilience building. Ms Johnson has held other pivotal roles in the VI, including Community Liaison Officer with the Recovery and Development Agency, Recovery and Development Cooperation Consultant in the Premier’s Office and Strategy and Policy Advisor with the Disaster Recovery Coordinating Committee. She has relevant experience in the finance and financial services sector spanning well over a decade, having served as Head of Macro - Fiscal Unit and also Deputy Financial Secretary in the Ministry of Finance, and as PFM Short-Term Expert with the International Monetary Fund.