What is the role of the FSC in Jamaica?
The mandate of the Financial Services Commission (FSC) is to supervise and regulate the securities, insurance and private pensions industries. The FSC has responsibility to manage the proper administration of the pensions, securities and insurance laws.
What is the Financial Services Commission in Jamaica?
The FSC was created pursuant to the Financial Services Commission Act to oversee the regulation of Jamaica’s insurance, pension and securities industries. The FSC, a self-financing regulatory body, was given wide ranging powers to supervise, investigate and sanction entities falling under its jurisdiction.
What does the Financial Service Commission do?
Established in 2001, the FSC is mandated under the Financial Services Act 2007 and has as enabling legislations the Securities Act 2005, the Insurance Act 2005 and the Private Pension Schemes Act 2012 to license, regulate, monitor and supervise the conduct of business activities in these sectors.
How do I become a licensed financial advisor in Jamaica?
The educational requirements for investment dealers and advisers are the same. They include at least a Bachelor’s degree in economics, accounting or a business-related subject, or a professional qualification in law or accounting, or a course in securities approved by the FSC.
Are financial services?
Financial services are the economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, accountancy companies, consumer-finance companies, stock brokerages, investment funds, individual …
What does FSC stand for in insurance?
Page 1. Financial Size Categories (FSC) To enhance the usefulness of our ratings, A.M. Best assigns each letter rated (A++ through D) insurance company a Financial Size Category (FSC). The FSC is designed to provide a convenient indicator of the size of a company in terms of its statutory surplus and related accounts.
Where is the Financial Services Commission?
Address: 39-43 Barbados Ave, Kingston 5, Jamaica W.I.
Are Financial Services?
What is FSC regulation?
The FSC is the integrated regulator for the non-bank financial services sector and global business, and is responsible for the licensing and supervision of companies carrying financial services activities.
What act governs the activities of the FSC?
The Financial Services Commission (FSC) is a self-financing regulatory body established in 2001 pursuant to the Financial Services FSC Act, 2001(FSC Act). The FSC is an integrated financial services regulator that operates under the FSC Act, Insurance Act, Pensions Act and Securities Act and their various regulations.
What is a securities dealer license?
Seychelles Securities Dealer License is a license that allows a company to trade securities either as a principal (at its own expense) or as an agent (on behalf of its customers). The regulatory authority that issues the permit for such a company is the Financial Services Authority (FSA).
What is ordinary long term and equity licenses?
– Ordinary Long Term and Equity Licenses would be asset. – Previous sales training and experience would be an asset, however, training will be provided. – Have valid Driver’s Licence and own a reliable motor vehicle.
Who is the Financial Services Commission of Jamaica?
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.
Why is the Ministry of Finance important in Jamaica?
The ministry is also responsible for collecting and allocating public revenues and playing an important role in the socio-economic development of the country by creating a society in which each citizen has the prospect of a better quality of life.
When did the Financial Services Commission come into existence?
The Financial Services Commission (FSC) came into existence on August 2, 2001 by virtue of the Financial Services Commission Act. It has replaced the Office of the Superintendent of Insurance (OSI) and Unit Trusts and the Securities Commission. liquidity and solvency crisis.
What is the history of the FSC in Jamaica?
History of the FSC. 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.
