Finance Minister Nigel Clarke has announced that Jamaica plans to adopt the ‘twin peaks’ model for financial sector supervision and regulation by 2026. Under this model, the Bank of Jamaica (BOJ) will oversee prudential supervision, while the Financial Services Commission (FSC) will focus on market conduct and consumer protection. Clarke emphasised the urgent need for reform, citing public complaints and fraud cases. The new approach consolidates supervision of all financial institutions under BOJ and introduces a Financial Services Conduct Authority (FSCA) for consumer protection. The implementation, expected by 2026, follows extensive planning and approval processes, aiming to enhance Jamaica’s financial regulatory framework comprehensively.
Source: Caribbean Insight