FINANCE

BOJ TO TAKE OVER FSC’S JOB... 2/2

The former Securities Commission at one time was located on the BOJ building at Nethersole Place on the Kingston waterfront but never had a reporting relationship with the Central Bank. Wynter himself was the founding Executive Director of the FSC. The new FSC that will emerge within the next 18-24 months will "become a highly visible market conduct and consumer protection supervisor for all financial service providers, including Banks, non-bank, Cambios and Remittance Companies," Clarke said.

During the reform period, FSC and BOJ will continue to carry out their regulatory functions separately but through integrated management. At the same time, international consultants and technical advice will be sought on the legislative reforms required to give effect to the merger within the expected 18-24 month time span. The input of the financial sector will also be sought in determining the framework for the new regulatory system.