Frequently Asked Questions - Financial Regulations
The MLA is designed to ensure that interest charged on loans by lending institution does not exploit the “public”. Therefore, those lending institutions not specified by MLA may seek exemption on an annual basis from provision of the Act
The following documents are required (in duplicate):
- Taxpayer Registration Number (of the company and each director);
- The latest annual report and the audited statements of the company (if it is a new company the projected cash flow and income and expenditure statement);
- Certified copies of the Memorandum and Articles of Association of the said organization;
- Certified copies of the Certificate of Incorporation;
- A list and profile of the Board of Directors of the organization;
- The details of the types of loans made to borrowers and the terms and conditions of such loans;
- The types and nature of securities required to cover the loans in (6) above
- The minimum and maximum limits relating to the loans made by the organization; and
- An outline of all other activities that the organization is involved with.
No, an exemption is not necessary for operations to take place. However, the companies involved in the business must recognize the importance of this Act in carrying out their activities.
No, the division is not responsible for the regulation of any financial institutions
The objectives are to:
- Ensure that the proper arrangements are made by and for Jamaicans so that they are able to receive an adequate pension at retirement; and
- Create an effectively regulated pension system in which the contractual savings arrangements are made more secure and profitable for participants.
Any monies which have remained in the possession or under the control of a bank for a period of 15 or more years may be categorized as an unclaimed balance. The Ministry of Finance and the Public Service under the Banking Act is only responsible for publishing unclaimed balances in the newspaper. Any query about such balances must be made to the relevant banking institutions or the Accountant General’s Department where such funds are recoverable.