The financial services industry in the Turks and Caicos Islands is regulated by the independent, statutory Financial Services Commission (FSC), which was established in 2001. This body regulates the formation of companies, trademark and patent registration, domestic and international insurance, money remittance services, and banks and trust companies.
Barclays Bank was the first major bank to open in the Turks and Caicos, in 1981. This was followed in 1982 by ScotiaBank. In 2002, Barclays merged their Caribbean banking operations with CIBC to form FirstCaribbean, later retitled CIBC FirstCaribbean.
TCI Bank was the first major locally-developed bank, which opened in 2005. However, it was closed in 2009. Approximitely 76% of borrowers (totaling $66 million USD in debt) were in default.