The mandate of the Financial Services Commission (FSC) is to supervise and regulate the securities, insurance and private pensions industries. As such the FSC may be described as an integrated financial services regulator.
The FSC has responsibility to manage the proper administration of the pensions, securities and insurance laws. In doing so the FSC oversees the registration, solvency and conduct of approximately 614 firms and over 4,800 individuals doing business in the pensions, securities and insurance (Life and General) industries. Such as:
- Securities Dealers
- Investment Advisors
- Securities Dealers Representatives
- Investment Advisors Representatives
- Mutual Funds
- Unit Trusts
- Insurance Companies
- Insurance Brokers
- Insurance Agencies
- Insurance Managing General Agent
- Insurance Sales Representatives
- Insurance Loss Adjusters
- Insurance Consultants
- Pension Funds and Retirement Schemes
- Pension Administrators
- Pension Investment Managers
- Pension Trustees
The FSC oversees these entities by administering a number of statutes and accompanying regulations. The relevant statutes are the FSC Act, the Pension Act, the Securities 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 up to 9 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 he is responsible for managing the activities of the FSC.
The FSC also handles customer complaints and provides the public with important financial information. Through its Complaints Department, any grievances consumers may have with the practices of the insurance, securities, or private pensions industries may be examined.
Call us toll free 1-888-372-4357 Monday to Friday, 8:30 a.m. to 4:30 p.m. or send an email to complaints@fscjamaica.org.
Note however, that despite calling the FSC, the complaint must be put in writing before it can be investigated.
Submit a written complaint to the FSC at :-
Complaints Coordinator
Financial Services Commission
39-43 Barbados Avenue,
Kingston 5
Jamaica W.I.
