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Steven Gooden, Jamaica Securities Dealers Association
The Jamaica Securities Dealers Association has welcomed actions by the government to restore confidence in the sector following the multi-million US dollar fraud at Stocks and Securities Limited.
Minister of Finance and the Public Service Dr Nigel Clarke announced a new regulatory framework for the sector on Monday, to be implemented over the next eight months.
The new framework will see the Bank of Jamaica having oversight for all financial institutions and a new look Financial Services Commission having responsibility for Market Conditions and Consumer Protection.
Steven Gooden, President of the dealers association, told Radio Jamaica News that stakeholder engagement will be key to the success of the sector.
"The focus now is really going to be on the consultation process over the next 18 to 24 months, as the authorities look towards creating this new regulatory framework," he observed.
It was therefore important all the objectives are met during those consultations, he said, "both of the regulator, in terms of regulating prudential matters, as well as ensuring that there's continuous market growth and development."
He asserted that, while the SSL fraud is a grave disappointment, the sector remains resilient.
Though "heatbreaking... wrong (and) painful," he claimed this was "not reflective of the state or conduct of the industry."
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