PSOJ wants urgent strengthening of regulators in the financial sector

The Private Sector Organisation of Jamaica (PSOJ) is imploring the Government to take urgent steps to strengthen regulators in the financial services sector following recent reports of alleged fraudulent activities involving some local financial institutions.

In a media release on Wednesday, the PSOJ said "these activities are of grave concern given the devastating impact that corporate malfeasance can have on all areas of society."

It said it welcomed the remedial steps that are currently being pursued by the impacted institutions and the regulatory and oversight bodies.

"We urge speedy and fulsome communication to the public of the results of these remedies so that the chips are seen to fall wherever they may," the PSOJ stated.

It added that it looks forward to the appropriate disclosure of results from the ongoing investigations.

It also pointed out the importance of the gatekeeper role played by regulators in protecting Jamaica's financial ecosystem from instances of misappropriation, misconduct or illegal activity.

In light of this, it urged the Government to "take urgent steps to fully empower the relevant agencies and oversight bodies to address all shortcomings related to the detection, prosecution and deterrence of fraud under the Financial Institutions Act 1992, the Bank of Jamaica Act 1960 and the Proceeds of Crime Act 2007."

Meanwhile, the PSOJ remains confident in the financial services sector and its players as an avenue for wealth building, its release said.

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