FSC Takes Temporary Management of SSL

In a statement Tuesday the Financial Services Commission (FSC) says pursuant to its powers under section 8(b) of the Financial Services Commission Act, the commission has served notice of its intention to assume temporary management of Stocks and Securities Limited (SSL), effective January 17, 2023. It has also appointed Kenneth Tomlinson of Business Recovery Services Limited as the temporary manager and special auditor, effective January 13, 2023 and further supports the FSC in its enhanced supervisory oversight of SSL.

The FSC also confirms that its directions issued on January 12, 2023 remain in effect. Financial Analyst and Economist Ralston Hyman questioned whether remedial actions by the FSC after the recent breach came too late. Hyman explains that despite the many inconsistencies at the entity over the years, people continue to expect fiduciary responsibility from the team.

Added to his concern for those impacted is the fact that he says many of these entities are not covered by deposit insurance. Some forty people were reportedly impacted by the latest fraud at SSL to include a sitting Member of Parliament and 8 time Olympic Champion Usain Bolt.

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