Government allocates $25 million to strengthen Financial Services Commission

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Government allocates $25 million to strengthen Financial Services Commission

Sunday, February 16, 2020

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KINGSTON, Jamaica - An additional $25 million has been earmarked in the 2020/21 Estimates of Expenditure, now before the House of Representatives, to continue institutional capacity strengthening at the Financial Services Commission (FSC) during the next fiscal year.

The project, which commenced in October 2017, aims to bolster the FSC's operational and technical capabilities to undertake risk-based supervision across the insurance, pensions and securities industries, and to establish a compensation scheme for the non-deposit-taking sector.

In addition, the allocation is designed to assist the FSC to identify and prioritise actions to improve service delivery via a customer service survey.

The project, targets for which were revised in 2019, had, up to the end of the last calendar year, seen the completion of the proposal for establishment of the compensation scheme.

Programmed activities for 2020/21 include development and implementation of micro pensions and risk-based supervision frameworks, and procurement of integrated regulatory software.

The project is being spearheaded by the Ministry of Finance and the Public Service with Inter-American Development Bank grant-funding support.

The project is slated for completion in March 2021.

 


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