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SSL ACTS ON FSC ASSESSMENT
The Financial Services Commission (FSC) has pulled the plug on investment and stockbrokerage firm, Stocks and Securities Limited (SSL) accepting some new funds from customers. But SSL assures that it is dealing with the situation and that the FSC has expressed satisfaction with its progress.
The move comes as the regulator for non-deposit taking institutions has sanctioned SSL over what it deems as the company engaging in unsafe and unsound practices. FSC Executive Director Everton McFarlane has already communicated the regulator's concern to SSL regarding certain aspects of the investment and stockbrokerage firm operations.
Meanwhile, SSL has been working closely with the FSC to put corrective measures in place based on the FSC assessment, according to SSL CEO Zachary Harding.
SAFE HANDS
“SSL is in safe hands and we have nothing to hide,” Harding told the Jamaica Observer. “It is no secret that there were challenges in the recent past. My role now, as group CEO, is to fix them and ensure we have a stable and thriving business. We are in touch with the FSC on a regular basis and even have an in-house Risk and Compliance officer, Sonia Nicholson, who makes sure we are doing the right things at all times.”
“In fact, the FSC, in our last discussion with them, expressed satisfaction with our level of urgency and attention to matters arising and congratulated us on taking these matters seriously and working in a fully transparent and proactive manner to have them resolved,” Harding told the Caribbean Business Report.
“It is not unusual for the FSC to give directions and guidance to financial institutions. That is the purpose of a regulator - to ensure compliance of a licensee while protecting the interests of the customers. We welcome and respect any guidance from the FSC, as we see it as being in our best interest also,” he said.