Everton McFarlane has been in charge at the Financial Services Commission (FSC) since August 2, but the appointment was only disclosed Friday in press advertisements.
The former financial secretary had been tipped for the job, but sources said others had been considered for the position.
McFarlane replaces Janice Holness, who was executive director from March 2013 up to earlier this year.
Nicolette Jenez, previously the pensions director at the FSC, was also promoted to deputy executive director, effective July 17.
The FSC regulates Jamaica’s private pensions market, the securities industry and insurance sector, giving it oversight companies that together oversee around $2 trillion of financial and other assets. In the most recent data sets released by the FSC, the general and life insurance sectors had combined assets of $368 billion at year end 2016, the 42 securities dealers tracked by the regulator had
$1.1 trillion of funds under management up to the same point, and the pension market was valued at $425 million at June 2016.
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