The Financial Services Commission (FSC) plans to restructure its operations, improve its supervisory capabilities, and facilitate the expansion of the financial markets.
This, while ensuring the safety and soundness of regulated entities and greater consumer protection.
The Commission will pursue several strategies to this end in fiscal year 2021/22, details of which are outlined in the Jamaica Public Bodies Estimates of Revenue and Expenditure for the year ending March 2022.
According to the document, the FSC will be looking to establish and maintain a proactive and responsive regulatory and supervisory framework for industries it regulates.
In this regard, the Commission intends to procure and implement new software that will facilitate faster data collection from regulated industries that enables greater and timely analysis of financial soundness and risk exposure.
Consequently, the FSC will continue to develop its macro prudential framework to detect risk to the non-bank sector.
The entity will also be looking to improve Jamaica’s financial safety network by facilitating the development of crisis recovery plans and a new legislation framework for the resolution of systematically and non-systematically important financial institutions.
Additionally, the FSC will be seeking to collaborate with safety net partners to strengthen regulations under the anti-money laundering/counter financing of terrorism (AML/CFT) framework for domestic and international trust services providers, and the regulation of virtual asset service providers.
Further, the Commission will continue the reform programme that was initiated in 2019/20 to increase the number of filings from its regulated entities, in order to improve monitoring and supervision, and enhance the risk management and reporting framework for pension funds managers.
The FSC forecasts a net surplus of $15.68 million from its operations during 2021/22 and the retention of its staff complement of 127.
The Commission promotes stability and public confidence in the operations of financial institutions as well as the modernisation of financial services at international standards of competence, efficiency and competitiveness.