The People’s National Party (PNP) has strongly condemned what it calls the government’s mishandling of the FINSAC Commission and its failure to deliver the long-promised report.

The PNP lamented that after more than $200 million of taxpayers’ money was spent on this commission, the Jamaican people are left with an “incomplete archive and no final report, almost 15 years later.

“This is a travesty of accountability and good governance,” the PNP said.

The FINSAC Commission was established to take an independent look at the financial crisis of the 1990s, to ensure that a collapse of parts of the financial sector (in particular, inadequately capitalised and in some cases recklessly managed locally-owned banks and insurers) would never be repeated. The stated objective was to critically review what transpired, implement solutions, and safeguard the Jamaican people. 

The financial collapse occurred under the People’s National Party’s long governance of the country.

The PNP said: “Yet, despite submissions from all key stakeholders—government, regulators, and affected customers—there has been no clear assessment or conclusion. The public must also ask why key documents, such as the forensic audit reports, have been left out of the archive. Why were these crucial reports excluded?

“The absence of these reports raises serious questions about transparency and accountability. If the forensic audits, which could shed light on critical aspects of the financial crisis, are being withheld, it undermines the entire purpose of the commission and leaves the Jamaican people in the dark. The public deserves to know why there is no comprehensive report after so many years, and why essential documents are being withheld.”

In 2017, then Finance Minister Audley Shaw promised that the FINSAC report was just three months away, but 7 years later that promise remains unfulfilled. In the opening of the 2018/2019 budget report, Shaw stated that “the long-awaited FINSAC report will shortly be sent to the Governor General and tabled in Parliament.”

“It is 2024—six years have passed, where is it? Why is there still no report for public review?” the PNP questioned. 

The PNP said: “The FINSAC commissioners were fully paid in January 2015 to complete this vital work. In fact, in 2015, Charles Ross, who sat as a Commissioner of the FINSAC Enquiry, said additional funds were requested for specific purposes and told RJR News, ‘the bulk of the money will be used to cover the cost of producing the final report and therefore would have gone to the technical people’. That was 9 years ago, and yet there is still nothing to show for it. The people of Jamaica deserve answers.

“This represents a clear case of mismanagement, waste, and the misuse of taxpayers’ money to fuel a finger-pointing exercise in an election year, driven by political opportunism rather than truth and transparency. 

“The PNP demands the immediate release of the full FINSAC report, so the country can finally assess what happened and take steps to ensure it never happens again. The Jamaican people will not stand for further delays, excuses, or hidden agendas. We call on the government to account for this waste and to deliver on their promises.”