In Jamaica, the Central Bank continues to regulate and supervise the commercial banks and non-banks, but the rest of the financial system is supervised by a separate entity, the Financial Services Commission (FSC).
Our Government has indicated that bringing the insurance industry and pension funds within the regulatory ambit of the Central Bank is a first phase and that over the longer term consideration is to be given to a Super Regulatory Agency which will supervise all financial services (credit unions, the securities industry etc.). What is the rationale for a single regulatory entity?