The Financial Services Commission (FSC) was established on August 2, 2001, through the enactment of the Financial Services Commission Act, marking a pivotal moment in Jamaica’s financial regulatory landscape. It emerged as a successor to the Office of the Superintendent of Insurance (OSI) and Unit Trusts and the Securities Commission.

In the late 1990s (1996-1999), Jamaica’s financial sector faced significant challenges, prompting government intervention to support several institutions during a period of instability.

These circumstances catalyzed a series of reforms and recommendations aimed at enhancing the oversight and governance of the financial sector. The establishment of the FSC under the Financial Services Commission Act was a crucial step towards effectively regulating Jamaica’s insurance, pension, and securities industries.

As a self-financing regulatory authority, the FSC was endowed with broad powers to supervise, investigate, and enforce regulations within its purview. In response to the lessons learned from the crisis, the FSC initially prioritized prudential supervision, focusing on aspects such as solvency, robust internal controls, risk management, and corporate governance within regulated institutions.

The FSC’s mandate encompasses the supervision of licensees under the FSC, Insurance, Securities, and Unit Trusts Acts, as well as oversight of private Pension Plans through the Pensions (Superannuation Funds and Retirement Schemes) Act of 2004. Additionally, the FSC supervises registered trustees, licensed administrators, and investment managers of private pension plans, playing a pivotal role in ensuring the stability and integrity of Jamaica’s financial landscape.

The Commission has responsibility for the licensing and the ongoing supervision of individuals, firms, and corporate entities that provide corporate and/or trust services under the Trust and Corporate Services Providers Act, 2017 (the “TCSP Act”) and the Trust and Corporate Services Providers (Licensing and Operations) Regulations, 2022, both of which were brought into effect on April 25, 2022. The FSC has also been designated as the Competent Authority with respect to persons who provide a trust service or a corporate service.

Collaborating with the Bank of Jamaica, which oversees deposit-taking institutions, including banks, building societies, and trust companies, the FSC forms a critical component of Jamaica’s comprehensive financial sector supervision framework.

To fulfill its mandate effectively, the FSC has strategically organized specialist divisions dedicated to areas such as Insurance, Securities, Pensions, Investigations & Enforcement, Legal Services, Research and Policy, Actuarial Services, Registration, Corporate and Trust Services, Internal Audit and Risk Management, and Corporate Services. This organizational structure underscores the FSC’s commitment to promoting professionalism and regulatory excellence across the industries it regulates, reflecting its evolution into a cornerstone of Jamaica’s financial regulatory framework.

Our Mission

To regulate and supervise the securities, insurance and pensions industries for the protection of their users thereby enhancing public confidence through the efforts of a competent workforce.

Our Vision

To be an impartial, credible and relevant regulator, effectively engaging stakeholders to support a robust financial services sector.

Core Values

  1. Fairness

  2. Accountability

  3. Confidentiality

  4. Communication

  5. Excellence

  6. Integrity

  7. Teamwork

As at December 31, 2013 the FSC manages 792 superannuation funds and 14 retirement schemes; of this total 440 are active funds and schemes with membership circa 95,311.

The FSC oversees these entities by administering a number of statutes and accompanying regulations. The relevant statutes are the FSC Act, the Securities Act, the Pension Act, the Unit Trusts Act and the Insurance Act.

The FSC is governed by a Board of Commissioners established by law and made up of a Chairman, and 7 other Commissioners, including the Executive Director. The Executive Director is appointed by the other Commissioners who in turn are appointed by the Minister of Finance. The Executive Director is the only full time Commissioner and is responsible for managing the activities of the FSC.

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