Major Stories

Opposition Disappointed In FSC’s Press Briefing

More unanswered questions. That is Opposition Spokesman on Finance Julian Robinson’s takeaway from Wednesday’s press briefing by the Financial Services Commission, (FSC) as he outlines the many flaws in the agency’s presentation. Deeming it their most important press briefing to date, Robinson says the public is more interested in knowing what actions were taken from 2017 when their report highlighted the many red flags related to Stocks and Securities Limited.

But instead, they focused on their recent action since the fraud was identified.  He notes the FSC has taken action against other companies in the industry for various, less severe breaches. He is also concerned with why the FSC did not clarify if all the companies operating within the industry have insurance on clients’ finances. 

As he calls for more improved systems in financial institutions Robinson says he expected the FSC to say they commenced audits of all of the companies within the industry to ensure their processes meet the necessary standards, but they did not.

Robinson admits his confidence dwindled in the FSC’s ability to protect the interests of customers, as he calls on the government and the Ministry of Finance to come forward and say what is being done to improve the agency.

Watch the full report here:

Reporter: Nasika Alliman

Recent Posts

J. Wray & Nephew Limited Expands Portfolio with Distribution of Courvoisier

J. Wray & Nephew Limited, a subsidiary of Campari Group, has expanded its premium spirits…

4 days ago

Mikael Phillips Says He’s Subject of IC Report Sent to Parliament

Based on media reports and calls from journalists, I understand that I am the subject…

3 weeks ago

Criminal Threats Halt Work on Mandela Highway, Government Vows to Press On

Work to improve a critical section of the Mandela Highway through Central Village came to…

3 weeks ago

All Set for N.E.S.A. By-Election

The voters of St. Ann North Eastern go to the polls today (September 30, 2024)…

1 month ago

Integrity Commission Slams Fake Document Amid Leak Controversy

Reprehensible, abominable, and repulsive! That’s how the Integrity Commission is describing a fake document circulating…

2 months ago

St James Man Charged for Murder

Detectives in St. James have charged 30-year-old Joseph McKenzie, also known as "Geo," with the…

2 months ago