On January 21, 2025, the Executive Council approved the Financial Services Regulation Policy 2025. This policy is part of efforts to modernize parts of St Helena's financial services regulatory framework, guided by the Sustainable Economic Development Strategy (SEDS) for 2023-2033 and SHG’s Vision and Strategy.
The SEDS highlights 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 emphasizes the need for comprehensive reform to achieve development goals.
The Financial Services Regulation Policy 2025 focuses on four key objectives: enhancing St Helena as a business destination, strengthening consumer protection, reinforcing governance standards, and improving regulatory effectiveness. These objectives aim to make St Helena more attractive for financial services businesses, especially those overseas-owned or managed, while ensuring consumer protection and high service standards.
Minister Mark Brooks stated: "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."
For public feedback on the policy, individuals can contact Economic Development Portfolio Assistant Alexandria Thomas via email at alexandria.thomas@sainthelena.gov.sh.
The policy document is 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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