Clarke: SSL fraud longstanding; Minister cannot veto decisions of FSC

In response to criticism about his handling of discrepancies detailed in a 2019 FSC report on the fraud hit Stocks and Securities Limited, Finance Minister Dr. Nigel Clarke has highlighted the fact that the fraud at the company had been occurring before that report was prepared.

The 2019 report indicated that SSL had been mixing client funds with company money, among other issues.

Dr. Clarke said on Monday that, even if he had seen the report at the time, it could not have prevented the fraud which was already happening.

He added that there is no carrying over of reports on the operations of the FSC between successive Finance Ministers.

The Finance Minister, speaking on Radio Jamaica’s Beyond the Headlines, said information is provided annually to the respective minister and any information that existed before a minister assumes office is not shared.

Furthermore, he stressed, the Minister of Finance does not have the power to veto any decision made by the Financial Services Commission in the governing of any financial entity, noting that due to a change in legislation, the Finance Minister does not have the authority to give directives to the FSC even though the Commission is within that Ministry.