The Financial Services Commission (FSC) will stage its first ever Financial Forum on Monday, November 8 and November 15, 2021, on the JIS’s website, YouTube and Twitter pages, and on the Jamaica News Network (JNN) from 10:00 a.m. to 10:30 a.m.
Director of Stakeholder Engagement, Communication and International Relations at the FSC, David Geddes, told JIS News that the forum will focus on the sectors regulated by the FSC, which are the securities, insurance and private pension bodies.
“The theme, ‘Regulation Facilitating Development’, is designed to look at what regulation has done to help develop Jamaica over the past 20 years. FSC is this year celebrating its 20th anniversary. What the FSC has done, what the industries themselves have done to facilitate development… a lot of people do not know that the securities industry in Jamaica is valued at about 1.9 trillion dollars. That’s a very, very hefty sum of money, so it has helped to create wealth for several persons and we think that more persons can be involved in creating generational wealth,” he said.
Mr. Geddes noted that the FSC decided to stage the Financial Forum so that persons can understand how financial regulation can facilitate the furtherance of socio-economic development at various levels in Jamaica.
“The forum looks at what regulation does and what is happening in the industry. I must also emphasise that it is not just for our licencees and registrants, it’s for the man in the street who wants to learn more about financial inclusion, financial literacy and how they can create wealth. So, it’s going to be a very interesting forum with many informative presentations.” he told JIS News.
The forum will feature six presenters sharing on various topics.
“David Answer, a communication officer at the FSC, is doing a presentation directly focused at youth and what should be done to get youth involved in planning for their future, retirement and creating wealth. We have a presentation from the Bank of Jamaica, Melanie Williams, who is the head of the Financial Inclusion Secretariat, and she is looking at the issue of financial inclusion and to tie it into the Vision 2030 goals,” Mr. Geddes said.
“We have presentations from the University of Florida. Dr. Mark Jamison is an economist and his [presentation] ties into the theme of the forum, and from that perspective we also expect a presentation from the Executive Director of the Insurance Association of Jamacia, Mr. Orville Johnson, who will be looking at the importance of insurance and how it has contributed to the development of Jamaica and also provide a shield of protection for many persons in Jamacia,” he added.
Rounding out the list of presenters is world-renowned pension reform advocate, attorney-at-law and President of the Pensions Industry Association of Jamaica, Sanya Goffe. She will be joined by Steven Gooden, President of the Jamaica Securities Dealers Association, who is renowned for wealth creation, market reform and regulation.
Mr. Geddes is encouraging everyone to tune in to the Financial Forum, as beneficial information will be shared.
“One of the most important things for each person is their financial well-being outside of health. Their financial well-being is of critical importance. If you don’t take care of that, you will find yourselves having several other problems, such as health and mental issues. You find people get depressed when they cannot manage their finances,” he said.
“This forum is going to look at the important decisions that you should make, why you are protected and why it is safe to invest, and of course, our licencees always want to know what their regulator is thinking. For that man, woman and youth in the street, learn about the importance of taking care of your financial self, and the forum will help you to do that,” Mr. Geddes added.
The FSC is mandated to protect the interests of consumers, particularly of non-deposit-taking financial institutions. It is also mandated to promote financial education and financial literacy, so that persons can understand the decisions that they need to make in an increasingly complex environment.
