.png)
00:00
00:00
00:00
BOJ Deputy Governor Dr. Wayne Robinson
By Halshane Burke
The Bank of Jamaica (BOJ) says it is working through the dynamics to fully implement the twin peaks oversight of the financial sector announced by the government earlier this year.
Following the fallout from the multi-billion dollar fraud at investment firm Stocks and Security Limited (SSL), Finance Minister Dr. Nigel Clarke announced that the BOJ would assume regulatory responsibility for all institutions in the financial sector.
The Financial Service Commission would assume the role of regulator from a consumer and market protection standpoint, with the BOJ shouldering oversight of the prudential operations.
BOJ Deputy Governor Dr. Wayne Robinson said the entities have been working to examine the various components for a seamless transition.
"The key component, of course, is legislative framework. So that involves looking at the raft of legislation that governs both the supervision of deposit-taking institutions and also non-deposit taking institutions and also your pension funds and insurance companies. So we have been working in terms of looking at reforms to the legislation that need to be put in place."
"We’ve also been looking at the institutional arrangements as well. How do we restructure credential supervision within Bank of Jamaica? How do we standardise that now across both securities dealers, insurance companies and deposit-taking institutions? So we also have to look at how we go about it. Not just the bank but also the new FSC," Dr. Robinson explained.
He said assistance has been sought from multinationals, including the International Monetary Fund and World Bank, to meet the two-year deadline set by the government.
All feeds
