The Government has appointed a new board at the Financial Services Commission (FSC) amid criticism being faced by the body regarding its oversight duties.
This comes amid the massive fraud uncovered at investment firm Stocks and Securities Limited (SSL).
Finance Minister Dr Nigel Clarke today disclosed that the commission will be chaired by Richard Byles, who is currently the Bank of Jamaica Governor.
Further, Clarke disclosed that four current members have resigned.
New members:
* Wayne Robinson
* Jide Lewis
* George Roper
Retained members:
* Erwin Burton
* Dennis Brown
* Kenisha Davis
* Hillary Roberston
Meanwhile, the finance minister disclosed that steps are to be taken to shift the oversight of deposit-taking institutions such as commercial banks and non-bank entities such as insurance companies to the Bank of Jamaica.
The FSC, which currently oversees non-banks, is to be responsible for market conduct and consumer protection, Clarke said.
Clarke said the new regulatory regime will be put in place over the next 18-24 months.
In the meantime, Clarke confirmed that he asked Everton McFarlane to resign as FSC head to make way for a “new direction” at the regulator.
The outgoing executive director’s contract was due to end in July 2023.
Clarke said the terms of separation are to be published.
