Frequently Asked Questions
- Will my money be safe at FICS Ltd.?
Yes it will. FICS Ltd. is
- licensed by the Ministry of Finance annually
- subject to and follows the guidelines of the Banking Act #34 of 2006
- supervised by the Eastern Caribbean Central Bank (ECCB)
- also subject to the Companies Act of 1996 and the Eastern Caribbean Central Bank Agreement Act of 1983
- Where does FICS invest the money given by its clients?
- In loans
- In Government bonds
- In treasury bills
- In short-term investments
- What makes FICS different from other banks?
- At FICS, legal fees, stamp duties and service charges are incorporated in loans for clients. At other entities, the client has to pay the loan fees upfront.
- With the Supplementary Pension Programme, FICS is more flexible with payments upon maturity, in that, you do not have to wait to reach the age of retirement to receive your funds. Once the client has finished making payments, he/she advises FICS as to what should be done with the lump sum.
- What is the interest rate on a loan?
The rate you will receive for a loan will be dependant on your unique situation. Factors such as your job, your collateral and the purpose for which the loan is required.
