Governor of the Bank of Jamaica (BOJ), Richard Byles, has expressed confidence in the agency’s ability to provide efficient oversight of Jamaica’s financial sector

This, following the expansion of the central bank’s supervisory and regulatory role from oversight of deposit taking financial institutions, to include non-bank financial institutions such as securities dealers, insurance companies and pension funds.

The policy change was announced by Dr. Nigel Clarke on Monday and came in response to concerns around the efficiency of the Financial Services Commission (FSC) in its oversight of financial entities.

Responding to questions about the capacity of the BOJ to efficiently carry out its new duties, Governor Byles said financial stability is one of the most important objectives of the BOJ.

Mr. Byles said he approaches the challenge with humility as the financial sector outside of the deposit taking institutions (DTIs), is even larger than the DTIs in terms of the assets managed.

The BOJ Governor added that he will be meeting with the board, management and staff of the FSC tomorrow (January 26) for discussions on the way forward.