Ms. Lisa Ann Violet has been named Chief Executive Officer of the Virgin Islands Deposit Insurance Corporation, following the approval of the Cabinet on June 16, 2024. Photo: BVI FSC

The statutory framework of the BVI Financial Services Commission’s (FSC) co-monitoring partner, the VIDIC, has been solidified with the appointment of Ms. Lisa Ann Violet as VIDIC’s CEO. Photo: Internet Source

With Ms. Violet’s appointment as CEO, the statutory framework of the BVI Financial Services Commission’s (FSC) co-monitoring partner, the VIDIC, has been solidified.

Ms. Violet will play a critical role in helping the VIDIC to achieve its mission, a recent press release from the BVI FSC, “The mobilisation of the VIDIC Board and executive and administrative framework are key steps toward the enhancement of depositor confidence and financial stability in the Territory.”

Ms. Violet is a chartered professional accountant and financial expert with over 25 years of experience in financial services, bank regulation, and enterprise risk management.

The Virgin Islands Deposit Insurance Act, 2016 (the Act) was passed in the House of Assembly on 19 April 2016, was amended, and came into force on 7 March 2023.

In January 2024, the establishment of the VIDIC was officially announced by the government in a press release. Its formation was described as a “crucial step toward[s] enhancing financial security for depositors within the Territory”.

The VIDIC was established to protect the deposits of consumers and, like the BVI FSC, the VIDIC is obligated to pursue actions that contribute to the stability of the Territory’s financial system.

The BVI FSC and VIDIC operate a dual co-monitoring function related to the banking system.  The Financial Services Commission Act, 2001 (the FSC Act), in the case of the BVI FSC, and the Act in the case of the VIDIC, provide the statutory parameters and the scope within which each institution must conduct its respective functions.

With Ms. Violet’s appointment as CEO, the full board comprises Mr. Ian F. Smith (Chairman), Mr. David Walker (External Director), Mr. Kenneth Baker (Director), Mrs. Sherri Ortiz-Fahie (Director), Mr. Phillip Fahie (Director), and Ms. Lisa Ann Violet (Ex-officio Director).

Ms. Violet’s appointment was appointed as CEO of the VIDIC on June 16, 2024.