AG finds no evidence of widespread malpractice at FSC

The Auditor General (AG) has found no evidence of widespread malpractice in the Financial Services Commission, FSC, Human Resource Management.

In a report tabled in Parliament yesterday, the AG noted that, based on stakeholder allegations of malpractice in its human resource management and procurement practices, a special audit was commissioned to determine the veracity of the allegations.

The AG said while no evidence of widespread malpractice was found, there were, however, issues related to the FSC establishment that need to be finalised with the Ministry of Finance. 

The AG said the FSC made payments of US$28,000 and 4.8 million Jamaican dollars, which did not meet the policies and guidelines that govern them. 

The FSC has been urged to consider some recommendations made by the AG, to enhance the level of transparency in its human resource management practices. 

The AG explained that the f-s-c incurred a 4.76 million dollar  loss when it accepted liability for the statutory obligations of a former executive director.

The FSC also breached the government procurement procedures when a consultant was contracted at a cost of US$28,000 by an executive director for February to September 2015 without any terms of reference. 

The AG recommended that the FSC seek to resolve with the Finance Ministry outstanding matters related to its establishment and recruitment practices and improve transparency in its HR processes. 

In addition, the AG said the FSC should seek to recover the overpayment of 4.76 million dollars in statutory obligations.


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