About FSRCC

The Financial Services Regulation Coordinating Committee (FSRCC) is an inter-agency body set-up to deal with matters of common interest to the various regulatory and supervisory authorities in the Nigerian financial services industry. In April, 1994 the CBN established the Financial Services Coordinating Committee (FSCC) to address through consultations and regular inter-agency meetings, issues of common concern to regulatory and supervisory bodies. On 27th May, 1994, the name of the Committee was changed to Financial Services Regulation Coordinating Committee (FSRCC). It was accorded legal status by the 1998 amendment to Section 38 of the CBN Act 1991 and formally inaugurated in May, 1999 by the CBN Governor.

MANDATE/ OBJECTIVES

The FSRCC is primarily a Committee for the coordination of financial services regulation as indicated by its objectives contained in section 44 of the CBN Act 2007 which is to:

  • co-ordinate the supervision of financial institutions especially conglomerates
  • cause reduction of arbitrage opportunities usually created by differing regulation and supervision standards amongst supervisory authorities in the economy
  • 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; and
  • deliberate on such other issues as may be specified from time to time.

MEMBERSHIP

The FSRCC has 9 members comprising six statutory members and three observer members.

Statutory Members refers to members specifically mention in Section 43 of the CBN Act 2007:
  1. Governor, Central Bank of Nigeria (CBN)
  2. Director General, Securities and Exchange Commission (SEC)
  3. Managing Director, Nigeria Deposit Insurance Corporation (NDIC)
  4. Registrar General, Corporate Affairs Commission (CAC)
  5. Commissioner for Insurance, National Insurance Commission (NAICOM)
  6. Minister of Finance, Federal Ministry of Finance (FMoF)
Observer Members refers to agencies co-opted as observers to enhance the effectiveness of the Committee:
  1. Director General, National Pension Commission (PenCom)
  2. Executive Chairman, Federal Inland Revenue Service (FIRS)
  3. The Executive Secretary/CEO Financial Reporting Council (FRC) of Nigeria.
STRUCTURE/GOVERNANCE
The FSRCC operates through the main committee, six standing sub-committees and the Secretariat.
Both the main committee and the sub-committees meet once in a quarter (or more if need arise)

Main committee

This is the apex organ of the FSRCC whose membership consists of all the heads of the FSRCC member agencies as stated above. The Governor of the CBN is the chairman of the Main Committee

Sub-Committees

Each of the six sub-committees of the FSRCC is guided by a charter which spelt out its objectives. Member agencies of the FSRCC are represented in the composition of the six underlisted sub-committees:

  1. Financial Sector Soundness Sub-Committee
  2. Harmonization and Coordination Sub-Committee
  3. Information Sharing Sub-Committee
  4. Legal and Enforcement Sub-Committee
  5. Financial Market Development Sub-committee
  6. Consolidated Supervision Sub-Committee

The above Committees are expected to hold quarterly meetings during the year

FSRCC Secretariat

The FSRCC maintains a Secretariat which is domiciled in the Financial Policy and Regulation Department (FPRD), CBN Head Office, Abuja. The Director of FPRD is the Secretary of FSRCC. A deputy director who is a staff of CBN heads the secretariat. All the staff of the Secretariat are provided by the CBN