BOJ Consulting Stakeholders on Practice Period for Twin Peaks Model  

• The Bank of Jamaica (BOJ) is holding consultations with key stakeholders on the Twin Peaks Model as it looks to implement a practice period before supporting legislation is passed.
• Discussions are underway with the Insurance Association of Jamaica (IAJ), Jamaica Bankers Association (JBA), Jamaica Securities Dealers Association (JSDA), Pension Industry Association of Jamaica (PIAJ) and other stakeholders.
• This was disclosed by BOJ’s Governor and Financial Services Commission (FSC) Chairman, Richard Byles, during the inaugural IAJ business conference at the Jamaica Pegasus Hotel on September 11^th.
• The Twin Peaks aims to restructure oversight responsibilities in the local financial sector. The BOJ will oversee all financial institutions from a prudential perspective, focusing on balance sheets, profit and loss, and other operational aspects. Meanwhile, the FSC will oversee financial market conduct and customer protection.
• According to Mr. Byles, although the Twin Peaks legislation is not anticipated to be enacted until 2026, some aspects need to be implemented beforehand. These aspects encompass enhanced market conduct standards and consumer protection, similar to the recent ABM operation guidelines for deposit-taking institutions.
• Mr. Byles said the discussions will also enable stakeholders from the various groups to raise any concerns about the new regulatory model. “It is a way for them to see what we want and for us to know what is possible, and what may be a bit too far at this point in time,” the Governor further stated.

(Source: JIS)