In a report by the Jamaica Observer, the Financial Services Commission (FSC) gave instructions to Stocks and Securities Limited in October 2013 to cease all aspects of business unless ordered otherwise by them.
The letter, which was approved by the FSC’s Executive Director Janice Holness, was addressed to the former president and CEO of SSL, Mark Croskery, to stop taking on new security business, stop dealing in the business of securities, stop granting credit to related and non-related parties, and stop requesting business from members of the public.
The letter also gave directions to the SSL to cooperate with and yield all the company’s business documents and access to any information to any actuary that is appointed by the FSC. The instructions were given after the company completed an internal audit.
The FSC stated in the letter that if these directives were breached, they would nullify the company’s security dealer’s license. The FSC also stated that they had the best interests of the company’s customers, potential customers, and creditors in mind when making these decisions and were also aiming to protect the licensees’ assets.
In light of all of this, it is unclear whether Stocks and Securities Limited complied with the demands or whether the FSC was forced to take action against the organization.