Tuesday, 24 January 2023 15:23

BoJ Governor Richard Byles is new chair of Financial Services Commission

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Governor of the Bank of Jamaica (BOJ), Richard Byles, is the new Chairman of the Financial Services Commission (FSC).

The announcement of the appointment was made on Monday by Finance Minister, Dr Nigel Clarke, during a press conference/special policy address on regulation of the financial sector in the wake of the massive fraud that has come to light at investment company, Stocks and Securities Limited (SSL).

Also appointed to the FSC board are BOJ executives Wayne Robinson, Senior Deputy Governor; George Roper, Deputy Governor; and Jide Lewis, Deputy Governor.

The appointments are effective Monday, January 23.

Byles’ appointment to chair the FSC board follows last Thursday’s resignation of the commission's Executive Director Everton McFarlane.

At the time, Clarke named BOJ’s Chief Prudential Officer, Kerron Burrell, to act as executive director.

McFarlane resigned after a disastrous press conference the day before, when he either refused to, or could not answer, questions on the SSL saga, including the level of oversight that the FSC provided at SSL, which it described as a “problem institution” from back in 2017.

When quizzed about the oversight the FSC provided, McFarlane said “We are aware that there are a number of questions that are of public concern.

"Questions, for instance, relating to the FSC’s past actions, what we knew, when we knew, and what we did. Our ability to answer such questions at this time is constrained."

On Monday, Clarke said McFarlane was "not left covered in glory” following his press conference. Clarke also said based on the developments in the financial sector, new leadership is needed at the regulatory body at this time.