ST JOHN'S, Antigua: The Financial Services Regulatory Commission (FSRC), and the Antigua Trades and Labour Union (AT & LU), have finally reached a settlement over their last dispute regarding (benefits) a pension plan for its employees.

The FSRC now offers its employees a comprehensive contributory health plan and a pension plan where the FSRC will match its employees' contributions. The health plan will be effective as of March 15, 2008 while contributions to the pension plan will be made retroactive as of June 30, 2007.

Stafford Joseph, General Secretary to the AT & LU commented regarding the settlement, “The Union is very pleased that the employees' benefits have finally been agreed and implemented. Workers will be expected to continue giving one hundred percent effort to the FSRC.”

His words were supported by Leroy King, Administrator/CEO of the FSRC who commented, “Now that this is behind us, I am looking forward to every employee playing his or her part in assisting with the expanded mandate given to the Commission.”

The FSRC is mandated by law to regulate International Banks, International Trust Companies, International Insurance Companies, and Internet Gaming Companies and is responsible for the incorporation of International Business Corporations.

Its mandate was expanded in 2002, to form part of a strategy to create a single regulatory unit with the oversight of the offshore financial and non banking sector to include: Domestic Insurance Companies, Money Services Businesses and Credit Unions.