Gov’t committed to building resilient financial system – Williams

Minister of Finance Fayval Williams says the Government is committed to strengthening Jamaica’s financial regulatory framework to build a foundation for economic growth.

She made the remarks during a keynote address at the CFA Society Jamaica Charter Awards Ceremony held recently at the S Hotel in Kingston.

Williams cited the twin peaks model in which the Bank of Jamaica (BOJ) will assume full responsibility for prudential supervision of all bank and non-bank financial institutions. At the same time, the Financial Services Commission (FSC) will be transformed into a new regulatory entity that will supervise all bank and non-bank financial institutions from the perspective of market conduct and the protection of consumers of financial services.

Williams said it was being done “in the interest of shoring up our financial sector”.

“I know that on the minds of many of you in your various companies is the issue of the twin peaks, where all entities will be regulated by the BOJ, regardless of whether you’re a member or not, whether you’re a broker or a bank,” Williams said.

“And then those same entities will be regulated by FSC, but for market conduct reasons. I know that that is new. It requires conversations, consultation, to help persons to understand, to ask questions about it, and so on,” she continued. “I know when I look at the list of legislation for the Bank of Jamaica, we do have a long list of things to be done. And it’s all done in the interest of shoring up our financial sector, making it stronger, making it more resilient.

“We will see expansion and growth. And, you know, it will become more transparent as we move along,” Williams said.

In the meantime, the finance minister called on the CFA Society Jamaica to increase its membership.
“I call on you as well to continue to advocate, bring more persons into the society, show them the value of being a CFA, and go out and do the work,” Williams said.

Dane Brodber, President, CFA Society of Jamaica, described its members as “standard bearers” in the investment community.

“We are the ones entrusted with leading our country towards economic prosperity and global recognition. Our role is critical, and we expect to continue shaping a bright future for Jamaica,” Brodber said.