The Financial Services Commission (FSC) has appointed a Special Auditor for Stocks and Securities Limited (SSL).
Last week it was reported that millions were stolen from multiple customers of the investment centre and an investigation was ongoing. It was then revealed that sprint legend and Olympic champion Usain Bolt was among those whose funds were allegedly stolen.
According to the FSC, this appointment comes after an announcement last week about the enactment of an enhanced Supervisory regime for SSL.
In a release today (January 16) the FSC stated that the Special auditor will assist them in their “enhanced supervision of the entity and the continuing investigations into its operations.”
They further noted that “SSL is allowed to continue its business operations but must seek the approval of the regulator for transactions involving the intake and payout of funds to clients.”
The FSC is a self-financing regulatory body that investigates, supervises and sanctions entities that are falling under its jurisdiction. It also oversees the conduct of firms and individuals doing business at insurance agencies and brokers, investment advisors and much more.
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