THE Bank of Jamaica (BOJ) has indicated that credit unions will finally fall within the ambits of its regulation when the supervision structure for the nation’s financial sector is transitioned from sector-by-sector regulation to a “twin peaks” regulation model.

The transition towards a twin peaks supervisory model for the financial sector is set to end in the 2024/25 fiscal year. It will see the Financial Services Commission (FSC) becoming a consumer protection and market conduct supervisor for financial entities while the BOJ will ensure the entities are financially sound as the prudential regulator. The BOJ has so far established a committee to help it navigate the intricacies of the transition.

https://www.jamaicaobserver.com/business/boj-establishes-twin-peaks-committee/