What is the Financial Services Commission of Jamaica (FSC)? Financial Services Commission of Jamaica (FSC) Review, Features

The Financial Services Commission of Jamaica (FSC) was established on 2 August 2001 under the Financial Services Commission Act. It replaced the Office of the Superintendent of Insurance (OSI) and the Unit Trust Fund and Securities Commission.

About the Financial Services Commission of Jamaica (FSC)

• During the mid-1990s (1996-1999), Jamaica's financial sector went through a period of instability, with the Jamaican government having to intervene to assist several financial institutions, some of which were "large" (five were life insurance companies, one was a general insurance company, and eleven were commercial and business banks), which had all experienced severe
• Liquidity and solvency crisis. The crisis led to changes and recommendations for regulation and supervision of the financial sector. The FSC was established under the Financial Services Commission Act to oversee the regulation of the insurance, pensions and securities industries in Jamaica.
• The FSC is a self-funded regulator that is endowed with broad powers to supervise, investigate and sanction entities that fall under its jurisdiction. Given the factors behind the crisis, the FSC's supervisory practice initially placed great emphasis on prudential supervision; focusing on the solvency, quality of internal controls, risk management and corporate governance of regulated institutions.
• The MAS is responsible for supervising its licensees under the MAS Act, the Insurance Act, the Securities Act and the Unit Trust Funds Act. It also regulates private pension schemes through the Superannuation (Superannuation Funds and Retirement Schemes) Act 2004 (the “Superannuation Act”). The FSC is also responsible for supervising registered trustees and licensed administrators and investment managers of private pension schemes.
• The FSC is one side of the financial sector regulatory coin, the other side being the Bank of Jamaica, which regulates institutions that accept deposits – banks, building societies and trust companies.
• As an effective regulator, the FSC carefully organizes the organization with professional departments designed to carry out its duties. These departments include Insurance, Securities, Pensions, Investigation and Enforcement, Legal Services, Actuarial, Registration, Compliance and Internal Controls, and Corporate Services. These departments fall under one umbrella and are designed to effectively achieve the tasks aimed at fostering professionalism within the industries regulated by the FSC.
• The FSC has the responsibility of administering the proper administration of securities and insurance law. In doing so, the FSC oversees the registration, solvency and conduct of companies and individuals doing business in the securities and insurance (life and general) industries.

Core objectives of securities regulation

• Protect investors;
• Ensure that markets are fair, efficient and transparent;
• Reduce systemic risk.

The mission of the Jamaica Financial Services Commission (FSC)

Regulate and supervise the securities, insurance and pension industries to protect their users, thereby enhancing public confidence through the efforts of a competent workforce.

Vision

To be an impartial, credible and relevant regulator that effectively engages stakeholders in support of a strong financial services sector.