As part of the reorganisation process, job cuts are being planned for the Financial Services Commission (FSC), which is expected to be headed by Everton McFarlane, who stepped down recently as financial secretary.

But Howard Mitchell, chairman of the government regulator for the insurance, securities and pension industries, said no date has been set for the implementation.

The organisational review, he told The Gleaner, is not complete.

“I cannot say at this time what the nature and category and profundity of the changes will be. But there will be some changes,” said Mitchell.

Though not giving any specifics, Mitchell said the review is to ensure that the FSC – whose targeting of Ponzi schemes has come into question – meets policy requirements of the Government and the International Monetary Fund, with which Jamaica is in a borrowing relationship.

“The FSC needs to gear itself up and prepare for the demands of the growing financial sector,” he explained. “We have to effect some changes. Those changes will largely be positive, but some of them will affect existing positions.”

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