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FSC-Regulated Entities Must Meet Fit and Proper Test

first_img Manager of Communications and International Relations at the Financial Services Commission (FSC), David Geddes, says entities in the insurance, pension and securities industries must meet the FSC’s fit-and-proper requirements in order to legally operate in Jamaica. Story Highlights “Fit and proper, in this sense, would mean persons who have not been convicted of any crime involving dishonesty, are competent, have strong moral principles and are expected to live up to the positions of trust they hold,” Mr. Geddes explained. This means that responsible persons must possess the competence, character, diligence and judgment necessary for them to perform their duties. Manager of Communications and International Relations at the Financial Services Commission (FSC), David Geddes, says entities in the insurance, pension and securities industries must meet the FSC’s fit-and-proper requirements in order to legally operate in Jamaica.This means that responsible persons must possess the competence, character, diligence and judgment necessary for them to perform their duties.“Fit and proper, in this sense, would mean persons who have not been convicted of any crime involving dishonesty, are competent, have strong moral principles and are expected to live up to the positions of trust they hold,” Mr. Geddes explained.He noted that the same fit-and-proper criterion is used by the Bank of Jamaica (BOJ), which overseas deposit-taking institutions like banks, building societies and trust companies.Mr. Geddes was speaking in an interview with JIS News following an FSC town hall meeting at the Cecil Charlton Hall in Mandeville, Manchester, on May 21.The event was in keeping with the entity’s drive to advance financial literacy in Jamaica and encourage greater use of financial services by citizens.Topics explored include creating wealth through investing, retirement planning, protecting assets through insurance, and the rights of consumers.Mr. Geddes said that a key area of focus is the FSC’s role in advancing the Government’s goal of fostering a sound, stable and vibrant financial sector, which inspires confidence, investment and growth.He noted that while the insurance, securities and pension industries are important channels through which long-term savings and investment can be generated, it is important for persons to know how individuals and companies approach risk-taking, as this determines the kinds of investment decisions they make and the impact those choices can have.“For individuals to invest in stocks and securities – to lay aside money each payday for a pension… to buy life, health and property insurance, they must be confident that, when the time comes, the benefits paid for will be there,” he outlined.“An insurance company, for example, that behaves in an unwise and risky manner, puts all shareholders’ investment in jeopardy and may hurt hundreds and thousands of policyholders,” he noted.The FSC’s Mandeville meeting was held in collaboration with the Jamaica Stock Exchange (JSE), Jamaica Deposit Insurance Corporation (JDIC), and the Insurance Association of Jamaica.It was the seventh is a series by the FSC since 2018. The meetings will continue in Portland in July and in St. Thomas in September.last_img read more

Bicyclist suffers critical injuries when hit by truck in El Cajon

first_img July 17, 2018 Bicyclist suffers critical injuries when hit by truck in El Cajon Posted: July 17, 2018 SAN DIEGO (KUSI) – A bicyclist struck by a truck at an El Cajon intersection remains hospitalized Tuesday with critical injuries, authorities said.The collision happened at 10:28 p.m. Monday at the intersection of North Second Street and Pepper Drive, California Highway Patrol Officer Travis Garrow said.The 40-year-old bicyclist was peddling eastbound on Pepper Drive when a Ford F-150 traveling northbound on Second Street entered the intersection and struck him from the right side, Garrow said.The victim was ejected from the bike onto the roadway and the driver, a 60-year-old man, immediately stopped to render aid, Garrow said. Their names were not released.The cyclist was transported to Sharp Memorial Hospital.The collision remains under investigation, but alcohol or drugs are not believed to be factors, according to Garrow. KUSI Newsroom KUSI Newsroom, Categories: Local San Diego News FacebookTwitterlast_img read more

Defense Bill Removes Hurdles for BRAC Sites to Take Advantage of HUBZone

first_img Dan Cohen AUTHOR The conference report for the fiscal 2016 defense authorization bill provides a tremendous boost to base redevelopment projects attempting to attract tenants interested in qualifying for the Small Business Administration’s HUBZone program.Two key changes in the legislation, unveiled Tuesday by leaders of the House and Senate Armed Services committees, would make it significantly easier for companies to meet the eligibility requirements of the HUBZone program — an initiative offering preferential access to federal procurements to businesses in distressed areas.One change would expand the boundaries of BRAC-related HUBZones beyond the actual base, allowing businesses to hire employees from surrounding areas to meet the program’s requirement for 35 percent of a participant’s workers to live within a HUBZone. The new language allows firms to draw employees from census tracts contiguous to the base, as well as from a second ring of census tracts touching the first ring.Without the change, companies hoping to take advantage of BRAC-related HUBZones needed to find employees living on the former base, a requirement that is virtually unattainable.The legislative change also means companies would be able to take advantage of a BRAC-related HUBZone by locating beyond a closed installation’s boundaries.The change would help base redevelopment projects attract HUBZone participants as well as help the surrounding communities affected by a base closure attract companies looking to participate in the SBA program, explained Steve Levesque, executive director of the Midcoast Regional Redevelopment Authority, the LRA transforming the former Brunswick Naval Air Station in Maine into Brunswick Landing.The legislation also would extend to eight years — and longer in some cases — the period for which a BRAC-impacted community is designated a HUBZone. Bases that had been designated a HUBZone as of 2010 would retain their status until at least 2020. The extension from five years is needed because it typically takes at least several years for a military service to transfer ownership of an installation after it is formally closed.The new language is a significant improvement, said Levesque. “This is an actual tool that really works for all the communities affected by the 2005 base closure round,” he said.The changes also mark a major victory for ADC, which worked closely with the House and Senate Defense Communities caucuses to realize the relaxed eligibility requirements for BRAC-related HUBZone sites. Maine’s congressional delegation deserves much of the credit. Sens. Susan Collins (R) and Angus King (I) introduced standalone legislation this year that was incorporated into the Senate version of the authorization bill. Earlier Rep. Bruce Poliquin (R) sponsored an amendment which was added to the House version.“This bill takes a significant step forward in improving the HUBZone program for rural communities,” King said in a press release. “By revamping the eligibility criteria, towns and cities that have been hit hard by base closures will be better positioned to revitalize those former bases, jump start economic development, attract businesses, and create new jobs.”last_img read more