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Compliance Requirements for Financial Advisors in Jamaica Take Effect

Introduction

As of today, financial advisors in Jamaica are required to comply with a new set of regulations outlined by the Financial Services Commission (FSC). The FSC has released a checklist for registration, which outlines the necessary documents that must be included in the application package.

Requirements for Registration

According to the FSC, each item on the list must be included in the package sent to the commission. Failure to do so will result in the return of the documents and delay in the registration process.

• Certificate of marriage
• Copy of deed poll
• Copy of passport
• Two color passport-sized photographs
• Bank’s credit report
• Certified copy of discharge of bankruptcy
• Professional indemnity insurance
• Statement from an attorney-at-law on pending or outstanding litigation
• Tax compliance certificate
• Verification of academic qualifications
• Letter from a recognized individual confirming minimum 2 years experience in the securities industry

Additional Requirements

Financial advisors must also provide:

• Personal questionnaire
• Police report
• Resume
• Business plan, which must include:
  • Company overview
  • Organizational structure
  • Marketing strategy
  • Risk exposures
  • Financial projections

Application Fee and Certification

The FSC has set a non-refundable application fee of $5,000, which must be included with the registration package. All documents must be certified by a Justice of the Peace or can be certified at the commission on presentation of original documents.

Tips for Financial Advisors

Financial advisors are advised to review the checklist carefully and ensure that all required documents are included in their application package to avoid delays in the registration process.

I hope this helps! Let me know if you have any further questions.