Jamaica News: The Government will, this year, commence work in earnest to strengthen the Financial Services Commission’s (FSC’s) operational and technological capacity to undertake risk-based supervision across industries it supervises.
A sum of $13.4 million is earmarked for this undertaking in the 2019/20 Estimates of Expenditure, which were tabled in the House of Representatives on February 14.
The sectors that will be directly impacted include the insurance, pensions and securities.
The project, to be executed by the Ministry of Finance and the Public Service, also aims to strengthen the Commission’s capacity to establish a compensation scheme for the non-deposit-taking sector; and assist the agency in identifying and prioritising actions to improve the quality of service delivery via customer satisfaction survey.
The four-year project, which commenced in October 2017, has, to date, entailed the completion of an inception report, incorporating a detailed work plan and evaluation instruments; an interim report showing the results of a situation analysis, highlighting changes within the local legal and financial landscape that could affect the establishment of a compensation scheme and justifications for establishing such; and a draft final paper detailing an updated proposal for the scheme’s establishment.
Re-engineering of the FSC’s business processes and initiation of the procurement process to acquire integrated regulatory software are among the key targets for 2019/20.
An additional $14.9 million is earmarked to continue work on the project in 2020/21.
Funding is being provided by the Inter-American Development Bank (IDB).
Source: JIS News