Opposition concerned about failure of FSC to provide adequate oversight of financial companies
The Opposition says it is concerned about the apparent failure of the Financial Services Commission (FSC) to provide adequate regulatory oversight, of companies operating in the non-deposit taking financial services industry.
According to Spokesman on Finance, Julian Robinson, recent media reports have caused Jamaicans to become concerned about the safety of their funds at these companies.
The Opposition says it notes that the financial services industry operates on the principles of trust and confidence, as the repository of the country’s savings and the facilitator of capital for investment.
Mr. Robinson notes that it is essential that there is effective regulatory oversight in the industry.
The Opposition is calling on the government to break its silence and tell the nation what it is doing to restore confidence in the financial services sector.
Mr. Robinson says this is a critical sector of the economy.