BOJ Governor says legislative changes needed before central bank actively takes on supervisory role of non-bank financial institutions
Governor of the Bank of Jamaica, Richard Byles, has indicated that there are a number of legislative changes that will need to be made for it to actively take on the role of supervising non-bank financial institutions.
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 move came after questions were raised about the oversight of the Financial Services Commission, FSC, amidst the multi-million dollar fraud at Stocks and Securities Limited, SSL.
Speaking at a press conference on Tuesday, Governor Byles explained that while a policy decision was made by finance minister Dr. Nigel Clarke, there are more steps to be taken.
He added that BOJ officials are becoming familiar with the sector.