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Thematics

Financial Services Regulation Coordinating Committee Nigeria (FSRCC)

est. May 1994

OVERVIEW

The Financial Services Regulation Coordinating Committee (FSRCC) is a statutory committee composed of regulators in the Nigerian financial services industry. It was created in 1994 to address issues of common concern to regulatory and supervisory bodies through consultations and regular inter-agency meetings. Its mandate is to co-ordinate the supervision of financial institutions especially conglomerates.

OBJECTIVES

  • Coordinate the supervision of financial institutions, especially conglomerates
  • Cause the reduction of arbitrage opportunities usually created by differing regulatory and supervisory standards among supervisory authorities in the financial services industry
  • Deliberate on problems experienced by any member in its relationship with any financial institution
  • Eliminate any information gap encountered by any regulatory agency in its relationship with any group of financial institutions
  • Articulate the strategies for the promotion of safe, sound and efficient practices by financial intermediaries
  • Deliberate on such other issues as may be specified from time to time