Episode Details

Jamaica’s ambitious Twin Peaks financial reform, designed to split oversight into financial stability and consumer protection, is years away from reality despite years of groundwork. Outgoing Bank of Jamaica Governor Richard Byles admits the overhaul—delayed from 18-24 months to likely beyond 2026—faces major hurdles in drafting new laws and winning parliamentary approval. The plan, spurred by recent fraud scandals, seeks to replace Jamaica’s outdated sector-by-sector model with a more resilient, function-based system. Until Parliament passes the necessary legislation, regulators remain locked in the old framework, even as staff prepare for the transition.

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