BOJ Staging Stakeholder Consultations on ‘Twin Peaks’ Regulatory Model

Bank of Jamaica (BOJ) governor, Richard Byles, addresses the inaugural Insurance Association of Jamaica (IAJ) business conference at The Jamaica Pegasus hotel in New Kingston on Wednesday (September 11). (Mark Bell/JIS)

The Bank of Jamaica, BOJ, is holding consultations with stakeholders on the Twin Peaks Model of Financial Regulation and Supervision.

The talks are part of the implementation of a practice period, prior to the passage of supporting legislation.

Daina Davy reports.

The stakeholders groups involved include the Insurance Association of Jamaica, Jamaica Bankers Association, Jamaica Securities Dealers Association, and Pension Industry Association of Jamaica.

This was disclosed by BOJ governor and chairman of the Financial Services Commission, FSC, Richard Byles.

He was speaking during the insurance association’s inaugural business conference at the Jamaica Pegasus Hotel in New Kingston on Wednesday.

Byles says while the Twin Peaks legislation is not expected to be enacted before 2026, it is imperative that elements of the new system be instituted prior to its passage.

He says improved standards relating to market conduct and consumer protection are among the elements they’re addressing.

Byles says the discussions will also enable stakeholders from the various groups to raise any concerns they may have about the new regulatory model.

Under the Twin Peaks model, the BOJ will assume full responsibility for prudential supervision of all bank and non-bank financial institutions, roles now being executed by the FSC.

The commission will be transformed into a new regulatory entity that supervises these institutions from the perspective of market conduct and protection of consumers of financial services.