Fiji Island Financial Monetary Authority
The Fiji Financial Market Authority (FFMA) is the sole authority for finances in the country of the Fiji Islands. The FFMA was established in 2014 to act as the umbrella regulatory body for all financial investment services in the Fiji Island. As a public institution the FFMA reports annually to the parliament of Fiji.
The FFMA has been charged with the task of registering and managing the registry of new companies and maintaining a rigorous follow up with companies already in the system. This includes the gamut of the financial service sector, including: Credit and electronic money institutions; Insurance, pension and trustee companies and securities and investment services.
In order to ensure smooth operation, FFMA operates with under a strict organizational structure, which includes the separation of powers. This includes the following divisions, including: The Board of Governors, Supervising Council, Board of Management and Resources, Operations and the Committee for Coordination.
Policy and general direction are governed by the Board of Governors, with the assistance of the office for legal and international affairs. The Board of Governor is headed by the FFMA Chairman and the secretary to the Board of Governors is in charge of the office for legal and international affairs.
Licensing, supervision and regulation is under the jurisdiction the Supervisory Committee. Areas such as banking, securities, insurance, pensions are reviewed and regulated before this committee. Each area of supervision is managed by a sub-committee within the Supervisory Committee appointed by the attorney general.
The Board of Management and Resources are charged with a broad range of responsibilities, including information and technology, communications and human resources, consumer education and protection. Each area of supervision is managed by a sub-committee within the Supervisory Committee appointed by the Chief Operations officer.
Lastly the Coordination Committee is responsible to act as the liaison between the various bodies to avoid unnecessary confusion and ensures that the FFMA acts a cohesive unit.
The financial industry of Fiji Islands is diverse and growing and thus a flexible and vibrant framework that complies with international standards must be introduced and continually advanced in order to properly nurture the growing industry. FFMA proudly conforms to international standards and works closely with international agencies) to mold international regularity norms and policy. FFMA staffs a wide range of specialists, including accountants, financial and legal specialists and support staff to aid the decision making process.
