Jamaica: Clarke Reiterates ‘Disgust’ At SSL Fraud, Says More Announcements Coming

(JAMAICA OBSERVER) – Finance Minister Dr Nigel Clarke says more policy announcements will be made next week in response to the multi-billion dollar fraud scandal at Stocks and Securities Limited (SSL) which has rocked the nation.

Clarke made the declaration to journalists after announcing that he had accepted the resignation of executive director of the Financial Services Commission (FSC), Everton McFarlane.

McFarlane is set to depart on leave on Friday, January 20, Clarke said, adding that Bank of Jamaica’s Chief Prudential Officer, Major Keron Burrell, will be seconded to the FSC to assume the role of interim executive director.

“I intend to make further policy announcements on Monday,” Clarke said.

McFarlane’s resignation comes as the FSC faces criticism over its regulatory oversight of companies in the financial services sector amid the multibillion-dollar fraud saga at SSL.

Clarke on Thursday reiterated his disgust at the development.

“I am certainly disgusted at what has been revealed thus far in terms of the fraud at SSL and I have given a commitment that the government will do everything in our power to ensure that the strength and credibility of Jamaica’s financial sector remains intact,” he added.