Jamaica's Financial Services Commission (FSC) on Tuesday dispatched a team of auditors to the offices of securities dealer, Stocks and Securities Limited (SSL) - a move that normally indicates trouble in an institution.
However, the regulator has moved to assure, at least some investors, that their money is safe.
According to the FSC, its move to go into the offices of SSL is to "effectively assess the state of affairs" of the company. The FSC sought to assure former clients of SSL, who were transferred to JN Fund Managers in July, that “the action taken in respect of SSL, will in no way affect them.”
But, the FSC seemed to suggest, that "a small number of select sophisticated investors, holding bonds issued by SSL", will be affected, although it gave no further details on that matter, nor did it state how much money is at stake.
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