Bank of Jamaica (BOJ) Governor, Richard Byles, has been appointed Chairman of the newly constituted Financial Services Commission (FSC) Board, effective Monday (January 23).
This was announced by Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, during a Financial Sector Regulation Policy Address at the Ministry of Foreign Affairs and Foreign Trade in downtown Kingston on Monday.
Mr. Byles, who is one of four new appointees, is joined by BOJ executives, Senior Deputy Governor, Dr. Wayne Robinson; Deputy Governor in charge of Supervision, Dr. Jide Lewis; and Deputy Governor in charge of Finance, Technology and Administration, George Roper, who is a former FSC Deputy Executive Director.
Dr. Clarke, who indicated that he was “not yet prepared to name” the fourth new Commissioner, said their appointments were consequent on a decision by four members of the previous Board who “volunteered to provide the vacancies”.
The Commissioners who have been retained are GraceKennedy Deputy Chief Executive Officer, Irwin Burton; retired Partner, PricewaterhouseCoopers (PwC), Dennis Brown; Attorney-at-Law, Kenisha Davis; and Senior BOJ Director, Hilary Robertson, who is on secondment to the Ministry of Finance and is an advisor to Dr. Clarke’s office.
“I do not believe in the complete turnover of Boards as institutional memory is lost. Furthermore, that practice no longer accords with existing regulations,” the Minister said.
Dr. Clarke announced last week that BOJ Chief Prudential Officer, Kerron Burrell, was appointed to succeed former FSC Executive Director, Everton McFarlane, who resigned in the wake of alleged multibillion dollar fraudulent activities, currently under investigation at Stocks and Securities Limited (SSL).
The Minister said the new Board’s responsibilities include overseeing the current interventions at SSL, including formalising Mr. Burrell’s appointment; establishing a mechanism to review the FSC’s approach to the SSL case to identify any gaps or constraints; and assessing the status of other licensees and determining whether there are concerns or potential concerns in respect of companies in the securities industry.
These, he pointed out, are “in addition to what customarily applies”.
Dr. Clarke further advised that the FSC will release to the public, the chronology of the supervisory action or activities with respect to SSL for the period of the alleged fraud, between 2010 and 2023.