prevented financial ruin of many - Davies
Planning Minister Dr. Omar Davies says the Financial
Sector Adjustment Company (FINSAC), at a "tremendous
cost", has prevented the "total financial ruin" of
many people in the society.
He pointed out that the Government had rejected the advice of
multi-lateral institutions to keep its commitment to protect the
interest of depositors, pensioners and policy holders in troubled
The Minister was speaking Saturday at the Jamaica Conference Centre,
downtown Kingston, at a seminar for returning residents on the topic
'Protecting Your Money'. He assured the gathering that Government
had taken steps to strengthen the regulation of the financial
sector, to bring it up to First World standard.
"Even in the absence of criminal conviction, persons who have
misused financial resources, you will never see their faces again in
financial institutions," Dr. Davies declared, to applause from
He added that Government was pursuing, through the courts, persons
from the financial sector who had been involved in wrongdoing, but
noted that they could not be convicted before they were tried by the
In strengthening the regulatory framework, Dr. Davies said he had
appointed "high calibre" persons to head regulatory
agencies such as the Jamaica Deposit Insurance Corporation which
sponsored the seminar.
He mentioned other improvement measures, including the enforcement
of "fit and proper criteria", and subjecting to detailed
examination, persons requiring authorisation to operate in certain
positions in the financial sector.
The Minister also pointed to the establishment of a Securities
Commission to license securities dealers; increased responsibilities
for auditors to report early signs of trouble to company principals
and regulators; and bringing holding companies of financial
institutions under the authority of the relevant regulatory body.
Dr. Davies commended returning residents for the positive influence
they had on the communities in which they have resettled, noting
that they were "most active and disciplined" at the