New Head at Financial Services Commission

Chief Prudential Officer at the Bank of Jamaica (BOJ), Kerron Burrell, has been seconded to the Financial Services Commission (FSC) to head the agency’s operations, following the resignation of Executive Director, Everton McFarlane, effective January 31, 2023.

This was announced on Thursday (January 19) by Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, while speaking during a meeting at the Ministry of Foreign Affairs and Foreign Trade in downtown Kingston.

Mr. McFarlane’s resignation comes in the wake of alleged fraudulent activities being investigated at the investment firm, Stocks and Securities Limited (SSL).

Dr. Clarke said Mr. Burrell, who is in charge of the prudential supervision of all BOJ-supervised deposit-taking institutions, will head the FSC “until further notice”.

He also indicated that while Mr. McFarlane’s resignation, which was tendered on Thursday, is effective January 31, “he will proceed on leave [on Friday, January 20].”

Dr. Clarke, in a subsequent statement, assured that no stone will be left unturned in unearthing exactly how funds were allegedly stolen, and those who benefited, organised and collaborated such theft.

Noting that preliminary updates show several elderly investors are among those defrauded, he said the Government empathises with all investors who have been impacted, while emphasising that SSL’s directors and managers will have to account for their stewardship.

He has given the Government’s commitment of full transparency and disclosure into the alleged fraudulent activities.

Dr. Clarke also assured that investigative authorities, such as the Financial Investigations Division (FID) and Fraud Squad, have the operational independence to pursue the investigation.

The Minister further indicated that if the investigations determine that assets were acquired with proceeds of the alleged fraudulent activities, all legal steps will be taken to restrain those, with the intention of full forfeiture.