Bank of Jamaica (BoJ) Governor Richard Byles, does not believe the elevated levels of regulatory responsibility now vested in the Central Bank, as a result of assuming oversight of deposit-taking institutions and non-bank financial institutions will stymie the market.
Having been appointed Chairman of the newly constituted Financial Services Commission (FSC) Board, in January, after the resignation of the existing board chair as a result of the fallout from the commission’s handling of allegations of fraud at Stocks and Securities Limited (SSL). Bank of Jamaica (BOJ) Governor, Richard Byles, engaged with members of the diaspora on the implications of the development for the financial sector. During the ‘Let’s Connect’ zoom meeting hosted by the Ambassador to the United States Audrey Marks, the Central Banker provided some indication as to how long the process of reform may take. Concerns were raised as in the interim the central bank becomes the sole prudential regulator for all financial entities, however, Governor Byles suggests that the twin peaks model, where regulation and monitoring of the financial service sector become distinct responsibilities, will ultimately lead to better outcomes for the sector.
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