The Bank of Jamaica has embarked on the licensing of financial holding companies under the Banking Services Act 2014 to improve consolidated supervision of financial groups.
The move comes as part of its commitment to strengthen the regulatory framework for financial institutions and growth of financial conglomerates in the country.
To date, the bank has licensed two FHCs - NCB Financial Group Limited and JN Financial Group Limited.
The Bank's Supervisory Committee, in keeping with its authority to make Supervisory Rules to guide the operations of licensees and FHCs, has already issued Supervisory Rules for the licensing of FHCs.
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