BOJ Governor Richard Byles
Bank of Jamaica Governor Richard Byles says the central bank needs the Twin Peaks legislation in order to force the members of the local financial sector to provide better customer service.
Speaking at a meeting of the Standing Finance Committee in Parliament on Tuesday, Mr. Byles said the existing legislation does not provide the central bank with the tools necessary to hold the sector accountable.
Under the Twin Peaks Model, which was announced in 2023 by former Finance Minister Dr. Nigel Clarke, the BOJ will assume full responsibility for prudential supervision of all bank and non-bank financial institutions from the Financial Services Commission (FSC).
The FSC will be transformed into a new regulatory entity that supervises these institutions from the perspective of market conduct and protection of consumers of financial services.
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