Financial regulators: one, two, maybe a few?
As Jamaica moves to introduce the ‘twin peaks’ approach to financial oversight, Ben Margulies assesses some of the pros and cons
In January 2023, a Jamaican brokerage, Stocks and Securities Ltd, told its regulators that almost $20 million had been stolen from client accounts, including around $13 million from the accounts of Usain Bolt, the Olympic gold-medallist sprinter.
Jamaica currently has separate regulators for the banking system (Bank of Jamaica) and the non-bank financial sector (the Financial Services Commission). The FSC regulated brokerages like SSL, but allegedly ignored governance problems at the firm.
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