The Jamaica Financial Services Commission (FSC) has proposed unified, principles-based standards for assessing the initial and ongoing fitness and propriety of people who own, control, direct, manage or materially influence FSC-regulated non-deposit-taking institutions. The framework would apply across the securities, insurance, pensions, and trust and corporate services sectors, assessing honesty, integrity and reputation, competence and capability, and financial soundness. Financial service providers and applicants would have to conduct and document their own assessments before sponsoring individuals for FSC approval, verify relevant qualifications and probity information, and monitor approved persons continuously. Material changes affecting fitness and propriety would have to be reported within 21 days. The FSC could also assess conflicts of interest, compliance history, ethical culture, group structures, outsourcing arrangements, and the source of wealth and funds of relevant shareholders, controllers and beneficial owners. A person who fails to meet the standards could face refusal, conditions, role restrictions, suspension, removal or, where legally permitted, debarment or prohibition. Other possible measures include penalties, public censure, licence revocation and referrals to law enforcement, with affected persons generally given an opportunity to be heard and access to applicable review or appeal processes. The standards would take effect upon gazetting.

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