The FSC was given the mandate, pursuant to the Pensions Act, to regulate and supervise the pensions industry. This mandate includes the approval and registration of approved superannuation funds, retirement schemes, trustees and responsible officers; and the licensing of administrators and investment managers.
The problems experienced in Jamaica, in the middle of the 1990’s, when the life insurance industry and most of the banking sector collapsed led the government and regulators to examine the causes. Measures were implemented that were aimed at solving the problems associated with the life insurance industry.
The Securities Act (2001) provides for the licensing, operation and supervision of entities dealing in securities as well as the regulation of the capital markets. Securities regulation has continued to focus on monitoring the solvency and market conduct of licensed entities through a programme of routine and special examinations and stock market surveillance.
Corporate and Trust Services
The Financial Services Commission (the “FSC”) has responsibility for the licensing and 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.