FSC Operations to Be Strengthened

Work will continue to strengthen the Financial Services Commission’s (FSC) operations this year through the provision of an additional $11.7 million.

This is contained in the 2018/19 Estimates of Expenditure, now before the House of Representatives.

The project, being implemented by the Ministry of Finance and the Public Service, aims to improve the FSC’s operational and technological capacity to undertake risk-based supervisions across the various industries it supervises. These include the insurance, pensions and securities.

Additionally, it is intended to strengthen the FSC’s capacity to establish a compensation scheme for the non-deposit taking sector as well as assist the entity to identify and prioritise actions to improve the quality of service delivery via a customer satisfaction survey.

The project, which runs from October 2017 to March 2021, will this year focus on the creation of a situational analysis report to support establishment of compensation schemes and development of a road map, documentation of existing and new business processes, designing of a customer service survey instrument, and preparation of technical specifications for the proposed technological platform for the integration of all business processes.

The Inter-American Development Bank is funding the undertaking.