The Opposition People’s National Party is calling on the Auditor General to conduct a special audit of the operations of the Financial Services Commission, FSC.
It also wants the authorities to engage overseas forensic expertise as investigations continue into the Stocks and Securities Limited, SSL fraud.
The opposition says the purpose of this audit would be to determine the effectiveness and propriety of the decision-making functions and conduct within the FSC in carrying out its statutory mandate.
Opposition Spokesman on Finance and the Public Service Julian Robinson says this should include examining the relationship between staff and the board in relation to the regulatory performance of the entity.
The opposition’s call comes against the background of what it says is the apparent inaction of the FSC in addressing issues at SSL after its own damning report of 2017 which highlighted widespread breaches and irregularities at SSL.
Mr. Robinson says the audit should have regard to the FSC’s conduct with respect to other entities where regulatory actions have been taken.
Mr. Robinson says it is critical that all efforts are made to restore public confidence in the capacity of the FSC to provide regulatory oversight in the financial services industry.
Meantime, the opposition is also calling on the government to solicit international forensic expertise as a matter of urgency to supplement and support the work of local law enforcement agencies such as MOCA and the FID.