Frequently Asked Questions
What is the Financial Services Commission (FSC)?
The Financial Services Commission (FSC) is an integrated regulator of financial services brought into existence by the Financial Services Commission Act, August 2001. It administers the Insurance Act, Securities Act, Unit Trusts Act and Pensions (Superannuation Funds and Retirement Schemes) Act. The FSC is currently responsible for supervising and monitoring a total of 1,980 licensees and registrants as well as 522 pensions funds and retirement schemes.
Why was the FSC established?
The FSC was established against the background of a comprehensive set of legislative and institutional reforms since the financial sector crisis of the mid-1990s. As a statutory agency, the Commission was setup to ensure the adoption of international best practices, a risk-based approach to management and enforce strict monitoring and supervision standards for the sectors it regulates.
Who does the FSC license and register?
Licenses and registration are issued for the following: securities and insurance companies, agents, brokers, securities dealers, retirement schemes, pension fund administrators, trustees, mutual funds, unit trusts, investment managers.
What are the duties and powers of the FSC?
- Grant, refuse, suspend or cancel licences
- Assume temporary management of supervised entities
- Verify the competence and integrity of senior officers in keeping with fit and proper criteria
- Wind up insolvent companies
- Introduce measures to reduce the threat of fraud or money laundering
- Suspend trading in a security in the public’s interest
- Review annual returns, corporate data, partnerships and business practices
Does the FSC regulate banks, credit unions or building societies?
The FSC does not license or register merchant or commercial banks, credit unions, building societies or micro finance companies.
How does the FSC supervise and monitor its licensees?
- Register and approve all securities, insurance products and pensions plans.
- Examine company records at least annually to ensure compliance with regulations.
- Investigate complaints from aggrieved persons including investors.
- Impose sanctions or penalties including fines or other corrective action when breaches or irregularities have been identified.
- Co-ordinate public education programmes and industry workshops to discuss, introduce, amend or highlight regulatory requirements and matters.
What are the licensing requirements for companies or persons registered by the FSC?
The requirements for licenses and registration vary, guidelines, document checklists and application forms can be found online at www.fscjamaica.org by clicking on the Registration Information link under each Division tab on the left of the Home page.
How do I file a complaint?
Contact the FSC after you have made a complaint to the company. If you are unable to resolve the matter, obtain a letter stating the company's final position on the complaint. Then, contact the FSC to file your complaint by calling: 1-888-327-4357 or submit a written complaint by mail to: Complaints Coordinator, Financial Services Commission, 39-43 Barbados Avenue, Kingston 5 or email: firstname.lastname@example.org.