Under pressure as some question whether there has been a dereliction of duty by the financial regulatory entity, the Financial Services Commission(FSC), in its handling of matters at Stocks and Security Limited (SSL), Executive Director, Everton Mcfarlane told the media they acted swiftly once news of the latest fraud came to their attention.
Mcfarlane cited a temporary manager and other directions now in place mere hours after. He also notes the breach was unprecedented adding it is unlikely the implicated former SSL worker acted alone. When questioned on why the operations at SSL were allowed to continue despite previous concerns spanning nearly a decade and a half, the FSC head explains that there are regulations and processes in place to address certain matters.
Then the ultimate question for many Jamaicans is, will those impacted be reimbursed, or were the missing monies insured?
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Reporter: Neika Lewis
