By Kimone Witter
Economist Dr. Andre Haughton says the appointment of Governor of the Bank of Jamaica, Richard Byles, as the new board chairman of the Financial Services Commission is commendable.
But the economist is also voicing concern about the added pressure on Mr. Byles.
"We respect Byles. We understand that he has a significant understanding of the industry himself," Dr. Haughton acknowledged. However, he cautioned that using one person for key positions simultaneously may backfire.
"What we realise is that we are shuffling around and...we're putting too much responsibility on a few key players who we can trust, which sometimes that's good...but it brings the same overload that brings the same institutional weaknesses," he reasoned.
The appointment of Mr. Byles as FSC Board Chairman was announced Monday by Finance Minister Dr. Nigel Clarke.
Other BOJ executives will also serve on the new FSC board.