A new Financial Services Commission, FSC, Board has been appointed.

This following a multi million dollar fraud at investment company Stocks and Securities Limited, SSL.

The FSC which is mandated to regulate financial institutions such as the SSL, has come under scrutiny following reports of the fraud.

Executive Director of the FSC, Everton McFarlane has since resigned.

Bank of Jamaica’s Chief Prudential Officer Major Keron Burrell will succeed Mr. McFarlane.

Speaking at a press conference today (January 23), Finance Minister Dr. Nigel Clarke said the Governor of the Bank of Jamaica Richard Byles will chair the new board.

Meantime, some members of the previous FSC board will remain.

And Dr. Clarke outlined some of the duties of the new board.