The Government will this year strengthen the operational and technological capacity of the Financial Services Commission (FSC) to undertake risk-based supervision across the industries it supervises.

A total of $13.4 million has been earmarked for this undertaking in the 2019/20 Estimates of Expenditure.

The sectors that will be directly impacted include insurance, pensions and securities.

The project, to be executed by the Ministry of Finance, also aims to strengthen the FSC’s capacity to establish a compensation scheme for the non-deposit-taking sector, and assist it in identifying and prioritising actions to improve the quality of service delivery via customer satisfaction surveys.