Financial Services Commission defends its capacity to effectively regulate financial entities
The Financial Services Commission (FSC) has defended its capacity to monitor and regulate effectively, the entities it oversees within the financial sector.
Concern has been raised about the ability of the FSC to keep an eye on players in the sector, in the wake of reports of fraudulent activity at investment company, Stocks and Securities Limited (SSL).
Responding to questions during a press conference this morning, FSC Executive Director Everton McFarlane said the commission has adequate legislative powers which are used to good effect.
He also noted that the FSC can prioritize and target the necessary manpower to areas of greatest risk, whenever an issue arises.
This is due to having an established framework for reporting.
He said the FSC has also been proactive by engaging with entities on a regular basis.