TOP FINANCE ASSOCIATIONS SIGN MOU
The Association of Banks in Fiji (ABIF) / Fiji Institute of Bankers (FIB) and the Insurance Association of Fiji (IAF) have announced a new cooperation agreement by having a joint Secretariat between the three parties.
The parties on April 1a Memorandum of Understanding (MoU) that formalises the sharing of Secretariat which is located at 62 Pratt Street, Suva with mutual collaboration that strengthens the relationship between the ABIF/FIB and the IAF.
It is focusing on the development of Association standards, the interaction between the three individual parties plus the framework and manner in which they are applied in practice. Members of the public are advised that the ABIF/FIB/IAF shall remain independent entities with no overlapping of operations or functions, other than agency operations which may arise between the insurance companies and the commercial banks in case of insurance of securities.
The ABIF/FIB/IAF is the primary global standard setter for the prudential regulation of Banks and provides a forum for regular co-operation on banking supervisory matters.
Its mandate is to strengthen the regulation, supervision and practices of Banks Fiji wide with the purpose of enhancing financial stability. The mission of the ABIF/FIB/IAF, through its standard-setting body, is to d evelop a single set of high quality global banking/insurance standards that bring transparency, accountability and efficiency to banking/insurance markets in Fiji, fostering trust, growth and long-term financial stability and have a shared objective of serving the public’s interest. This MoU provides for continued strengthening of future cooperation between the three parties in achieving common goals that will increase stability and transparency in the financial markets.
Frederic Reynaud, chairman of the Association of Banks in Fiji, said:” There is a real desire for international organisations to be more joined up when developing standards for global finance.
“A highly professional shared Secretariat for Banks and Insurance Companies will contribute to this.” Saud Minam, president of the Fiji Institute of Bankers, said: “I welcome this important initiative which formalises and strengthens the existing relationship between the ABIF/ FIB and the IAF.
“I look forward to continuing to build on our constructive co-operation in the interest of enhancing financial stability.”
Peter McPherson, chairman of the Insurance Association of Fiji, said: “We would like to achieve professionalism, continuity together with corporate governance, compliance and solvency requirements to make the financial platform for both industries (ABIF/ FIB and the IAF) stronger.”