Promoting Integrity in Jamaica’s Financial Sector Janice P. Holness Executive Director The Financial Services Commission (FSC) was established in August 2001 as an integrated financial services regulator for the insurance, securities and pensions sectors in Jamaica. Now over a decade later, the FSC continues to play a significant role in achieving the broader vision of building a strong, vibrant and sound financial services sector. In keeping with its Mission Statement: ‘To regulate and supervise the securities, insurance and pensions industries for the protection of their users thereby enhancing public confidence through the efforts of a competent workforce’, the FSC undertakes a number of key activities. The FSC continuously carries out reviews of legislation administered to ensure a regulatory and supervisory framework that meets best practices while being the best fit for Jamaica; employs risk-based capital tests; conducts risk-based supervision, including on-site assessments for all three sectors; and promotes proper market conduct and integrity in the financial sector. The FSC strives to attain its vision: ‘To be an impartial, credible and relevant regulator, effectively engaging stakeholders to support a robust financial services sector’. A number of public education strategies are employed to educate customers and empower regulated entities to engender awareness and compliance. The FSC plays an active role in various international standard setting bodies and facilitates cooperation among local, regional and international supervisors. Cross border collaborations have also led to successful prosecutions. The FSC’s organisational culture and character are shaped by its core values: • Fairness • Accountability • Confidentiality • Communication • Excellence • Integrity • Teamwork CONTACT Financial Services Commission 39-43 Barbados Avenue, Kingston 5, Jamaica • Tel: +1 876 906 3010 • Fax: +1 876 906 3018 www.fscjamaica.org The FSC presided over significant growth in our financial services industry in terms of assets under management and market participants. Further, the supervisory framework developed served to protect the local financial services sector from meltdown during the 2008 financial crisis. As a result, Jamaica’s financial services sector is rated among the best in the Caribbean. For the period 2013-2016, the corporate strategic objectives will allow the FSC to more effectively perform its mandated duties. The five main strategic objectives are to: • Propose legislative amendments applicable to FSC’s mandate; • Educate stakeholders; • Develop, enhance and implement operating policies and procedures for all business processes including service standards; • Improve organisational capacity; and • Maintain financial self-reliance. Janice P. Holness Executive Director Financial Services Commission
CGH13_ebook
To see the actual publication please follow the link above