The Bank of Jamaica (BOJ) has begun holding consultations with key stakeholders, on the ‘twin peaks’ model that will be implemented for financial regulation and supervision of the country’s financial sector.

BOJ Governor Richard Byles said talks are being held with groups such as the Jamaica Bankers Association, the Jamaica Securities Dealers Association, and the Pension Industry Association.

Speaking yesterday during the inaugural Insurance Association of Jamaica business conference, Mr. Byles said while the twin peaks legislation is not expected before 2026, it’s imperative that elements of the new system are instituted prior to its passage.

Governor Byles added that BOJ will be having further discussions with financial associations to allow concerns regarding the twin peaks model to be raised and addressed.