Ministry of Finance finalising Twin Peaks legislation

The Ministry of Finance is finalizing the cabinet submission to establish the Twin Peaks regulatory model for the financial sector.

Jamaica’s then Finance Minister, Dr Nigel Clarke, announced the regulatory model following the discovery of the multi-billion dollar fraud at Stocks & Securities Limited in 2023.

The BOJ is expected to have oversight of securities dealers, insurance companies, and pension funds – currently the responsibility of the FSC – enlarging a reporting system which now includes commercial banks, merchant banks, building societies, with credit unions also in train.

The FSC will be given a new mandate to monitor market conduct and enforce and ensure consumer protection in the financial services sector.

Dr Wayne Robinson, Senior Deputy Governor of the Bank of Jamaica, says, while they await the legislative process, the BOJ and FSC are fully engaged in ensuring a seamless integration of operations.