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PNP urges the government to speak up about the SSL issue

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The Financial Services Commission (FSC) appears to have failed to offer enough regulatory control of businesses operating in the non-deposit-taking financial services market, which worries the opposition People’s National Party.

According to Julian Robinson, the Opposition’s spokeswoman on Finance and Public Service, Jamaicans have started to worry about the security of their money at these corporations as a result of recent media revelations.

After actions that damaged the accounts of retired athlete Usain Bolt and other people were discovered, the investment business Stocks and Securities Limited (SSL) is now the focus of a fraud investigation.

The business has said that a former employee is reportedly responsible for the purported fraudulent activities.

Robinson stated, “In the instance of one financial institution, it is now evident that the FSC had serious concerns about the activities of the firm dating back several years, yet a large fraud has now come to light, which presumably has been going on for the previous few years.

He claimed that “this developing issue is having a detrimental effect on Jamaica’s reputation, both domestically and globally.”

Robinson stated on Tuesday that due to the fact that such concerns “seem to have been successfully ignored,” Jamaica wants to know what actions the FSC took to address the severe flaws that were then uncovered.

He added, “This lack of effective regulatory control has been to the prejudice of the public who deposited their hard-earned cash there.”

As the repository of the nation’s savings and the provider of cash for investment, the financial services sector functions on the tenets of trust and confidence, the spokesman for the opposition added.

Effective regulatory control of the sector is vitally necessary, he continued.

Robinson continued by stating that the Government is being urged by the Opposition to speak out and inform Jamaica of the steps it is doing to rebuild trust in this crucial area of the economy.

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