Industry Circular 15 of 2024 - BVI FSC ANNOUNCES ACTING APPOINTMENT OF MRS DECA PENN

BVI FSC ANNOUNCES ACTING APPOINTMENT OF MRS DECA PENN

Road Town, Tortola - The BVI Financial Services Commission (the Commission) is pleased to announce the appointment of Mrs Deca Penn as Acting Deputy Director in the Prudential Supervision Unit, effective 1^st May 2024.

Mrs Penn brings over 25 years of invaluable experience in the financial services sector to her new role. Her professional journey with the Commission commenced in May 2010, and her ascent through the ranks has been driven by unwavering dedication and strategic acumen. Mrs Penn previously served as a key player in the Insurance Business Division until her latter appointment as a senior official within the Prudential Supervision Unit.

Her tenure at the Commission is marked by distinguished influence in regulatory compliance and contributions to improved operational efficiency.

Mrs Penn, in accepting her new role stated, “It is with a profound sense of gratitude, humility and enthusiasm that I accept responsibility to serve as the Acting Deputy Director of Prudential Supervision. It is a role that requires vision, empathy, and unwavering dedication. My focus will be on leveraging my experience to drive change, encourage collaboration and open communication both with internal and external stakeholders since it is through our collective efforts that we will proactively adapt to the evolving financial services landscape while maintaining the core values of integrity and transparency”.

Director of Authorisation and Supervision at the Commission, Mr Leon Wheatley, commented that Mrs Penn brings a wealth of experience to her new role as Acting Deputy Director of Prudential Supervision. “The Commission’s latest appointment ensures a seamless transition of the leadership base within the Prudential Supervision Unit and the continued application of our rigorous regulatory standards. This appointment demonstrates our dedication to promoting from within, where possible, and building our management teams.”

Mrs Penn holds a Bachelor of Arts in Accounting and an Associate in Captive Insurance (ACI). She is also a recipient of a Level 5 Certificate in Management and Leadership from the Chartered Management Institute.

In her capacity as Acting Deputy Director, Mrs Penn will be responsible for:

• Conducting ongoing supervision of regulated entities
• Recommending appropriate action and guidance 
• Improving the overall efficiency and effectiveness of the Unit
• Coordination, cooperation and collaboration with domestic and international partners on issues related to supervision and regulation

Queries related to this Circular should be directed to [email protected].