Opposition lashes FSC, urges Gov't to break silence on SSL matter
Published:Tuesday | January 17, 2023 | 11:27 AM
The Opposition, People's National Party is expressing concern about what it says is the apparent failure of the Financial Services Commission (FSC) to provide adequate regulatory oversight of non-deposit-taking financial companies.
The concern expressed in a media release on Tuesday follows reports of fraud at investment firm Stocks and Securities Limited (SSL).
The Opposition noted that, in the case of SSL, "it is now clear that the FSC had grave concerns about the operations of the company going back several years."
The Opposition said Jamaica needs to know what steps were taken by the FSC to address those serious issues then identified, arguing that the concerns seemed to have been ignored.
"This failure of effective regulatory oversight has been to the detriment of members of the public who had their hard-earned savings invested there," the Opposition opined.
"This emerging situation is negatively impacting Jamaica's reputation, both locally and internationally," the party continued.
The Opposition is calling for the Government to break its silence and tell the nation what it is doing to restore confidence to this critical sector of the economy.
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