The Financial Services Commission (FSC) a self-financing regulatory body, is charged with supervising its licensees under the FSC, Insurance, Securities and Unit Trusts Acts. It is also the regulator of private Pension Plans through the Pensions (Superannuation Funds and Retirements Schemes) Act of 2004 (“The Pensions Act”). The FSC is also charged with supervising registered trustees and licensed administrators and investment managers of private pension plans.
The FSC is one side of the financial sector supervisory coin, the other being the Bank of Jamaica, which regulates deposit-taking institutions – banks, building societies and trust companies.
In being an effective regulator, the FSC has prudently structured the organization with specialist divisions designed to fulfill its mandate. The divisions include Insurance, Securities, Pensions, Investigations & Enforcement, Legal Services, Actuarial, Registration, Compliance and Internal Control and Corporate Services. These divisions fall under an umbrella that seeks to effectively bring to fruition a mandate that is geared towards fostering professionalism within the industries that are regulated by the FSC.
The FSC has responsibility to manage proper administration of the securities and insurance laws. In doing so the FSC oversees the registration, solvency and conduct of firms and individuals doing business in the 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
Need to know more about the Regulatory Requirements to operate as a Broker In Jamaica?
Go to Financial Services Commission (FSC) Website at http://www.fscjamaica.org/
Or Call 1 (876)-906-3010