The Financial Services Commission (FSC) has launched a new supervisory framework described and named the Risk-Based Supervision (RBS) approach.
The commission, in announcing the new framework, said it will set out a revised approach for oversight and risk assessment of Jamaica’s non-deposit-taking financial institutions (NDTFIs).
The FSC is one side of the financial sector supervisory coin in Jamaica, the other being the Bank of Jamaica, which regulates deposit-taking institutions — banks, building societies and trust companies.
The commission is charged with supervising its licensees under the FSC, Insurance, Securities and Unit Trusts Acts. It is also the regulator of private pension plans through the Pensions (Superannuation Funds and Retirements Schemes) Act of 2004. The FSC is also charged with supervising registered trustees and licensed administrators and investment managers of private pension plans.
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