UPDATES TO ST HELENA’S FINANCIAL SERVICES REGULATORY ENVIRONMENT
On 21 January 2025, Executive Council approved the Financial Services Regulation Policy 2025. The Financial Services Regulation Policy aims to modernise selected parts of our financial services regulatory framework. It is driven by the Sustainable Economic Development Strategy (SEDS) 2023-2033, as well as SHG’s Vision and Strategy.
The SEDS states that “SHG has identified that St Helena’s financial services laws and regulations require reform and modernisation in order to encourage competition within the sector and support economic growth. There are substantial gaps in current legislation. SHG’s objective is to enhance the financial services landscape by removing barriers to entry, while working toward compliance with international best practice and recommendations.” It notes that comprehensive reform and updates to existing financial services laws and regulations are required in order for St Helena to achieve its development goals.
The Financial Services Regulation Policy 2025 has four key objectives:
- Enhance the attractiveness of St Helena as a place to do business
- Strengthen consumer protection
- Reinforce governance standards
- Improve the effectiveness of our regulatory framework
The objectives are all inter-related. In particular, success in making St Helena a commercially attractive destination for financial services businesses in turn requires a more modern regulatory framework to cope with the needs and expectations of new businesses, especially overseas owned or managed businesses which choose to establish a presence in St Helena. In addition, the regulatory architecture helps to fulfill the customers’ needs of improved consumer protection measures and high-level service standards, in turn increasing the confidence and accountability within the financial service sector.
Minister Mark Brooks commented:
“The Financial Services Regulation Policy 2025 is an essential step towards improving the financial services landscape. The policy’s specific aim is to modernise SHG’s financial sector, which includes broadening the access to services and products for residents and investors. With regulations and policies in place to enable smooth, safe investment in financial services, this policy supports an enabling environment that allows people and businesses to thrive. The improved framework is designed to attract new firms to establish themselves in St Helena, positioning the island as a strategic base for delivering financial services to global customers. This aligns with the government’s broader vision of becoming ‘Altogether Wealthier’ by fostering a thriving financial services sector while upholding the highest standards of international regulatory compliance.”
Should members of the public wish to provide feedback on the policy, please contact Economic Development Portfolio Assistant, Alexandria Thomas, via email through alexandria.thomas@sainthelena.gov.sh.
This policy is now available on the Public Information, Reports and Policies page of the SHG website at https://www.sainthelena.gov.sh/wp-content/uploads/2025/03/Financial-Services-Regulation-Policy-2025.pdf.
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SHG
21 March 2025
