The December 2001 enactment of the Financial Services Commission Act, 2001 established the British Virgin Islands Financial Services Commission as an autonomous regulatory authority responsible for the regulation, supervision, and inspection of all financial services in and from within the BVI.

The Commission, since 2002 assumed responsibility for functions previously carried out by the Government through the Financial Services Department. The Commission as financial services regulator is also responsible for promoting public understanding of the financial system and its products, policing the perimeter of regulated activity, reducing financial crime, and preventing market abuse.