THE HOUSE of Representatives on March 22 approved four Bills aimed at strengthening the laws and the regulatory framework of the financial sector.
The Financial Services Commission Act, one of the four, will clear the way for the establishment of the Financial Services Commission (FSC), set to come on stream in April.
An Act to amend the Bank of Jamaica (BoJ) Act; an Act to amend the Unit Trust Act and an Act to amend the Securities Act were the other three Bills passed by the House.
A Joint Select Committee of both Houses of Parliament was set up to examine the Bills and its report was also approved by the House.
Delroy Chuck, Member of Parliament for North East St. Andrew and a Committee member, said the amendments and the setting up of the FSC was a "good move" toward further regulating the financial sector.
He said the Commission needed experts and "good people" who would ensure that the regulations or supervision of transactions in the financial sector were carried out effectively.
"When we set up this Commission, we are anticipating that sufficient supervision and regulation will ensure that what happened in the financial sector over the last five years will not happen again," he said.
Noting that the success of the Commission would encourage investors to invest locally, Mr. Chuck said "this Commission should gain as quickly as possible, confidence and trust from investors."
A concern was raised during the debate about safeguarding the confidentiality of information on an individual's account.
Responding, Finance and Planning Minister, Dr. Omar Davies, said the Bank of Jamaica was not obliged to disclose information obtained from the individual bank customer's account.
He said the creation of the Financial Services Commission did not do anything to alter the BoJ's regulatory regime, noting that it allowed for certain discussions to take place concerning financial institutions, and not individual accounts.
