Jamaica ‘twin peaks’ law coming in 2025, official says

Central bank will oversee non-bank sector after scandal at securities firm

Wayne Robinson
Wayne Robinson
Bank of Jamaica

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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