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.
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.
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.
- 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
The FSC does not license or register merchant or commercial banks, credit unions, building societies or micro finance companies.
- 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.
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.
Your complaint to the FSC MUST be made by the completion and submission of the relevant sector’s Complaint Form and must include the following information:
- The name of the regulated entity (or person) against which/whom you are filing the complaint.
- Complete details of your complaint – If your complaint is due to your disagreement with the company’s position, you should state the reason(s) for your disagreement
Copies of all relevant correspondence or documents relating to the matter, (if available) must be scanned and attached.
- Your full name, mailing address and a contact number where you can be reached (If someone else will be acting on your behalf, please provide and attach this information for the person).
Generally, if you engaged the services of an attorney he/she may also write on your behalf. Additionally, if you are writing on behalf of someone else, please attach a letter signed by that person authorizing you to act for him/her. If it is not possible to obtain such authorization then explain the circumstances to us in writing.