Jamaica ‘twin peaks’ law coming in 2025, official says
Central bank will oversee non-bank sector after scandal at securities firm
Bank of Jamaica senior deputy governor Wayne Robinson has said the country’s government will introduce legislation to create a “twin peaks” regulatory model in 2025.
The Jamaican finance minister, Nigel Clarke, announced the central bank would take over regulation of the non-bank sector in January. The move followed a high-profile scandal in the same month over a Jamaican non-bank financial institution.
In November, central bank governor Richard Byles said Jamaica must have a “more robust
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