Lavern Clarke, Business Editor

Brian Wynter, outgoing executive director of the Financial Services Commission, says the containment of illegal investment schemes will likely continue to engage his successor. - File

Brian Wynter, who has been executive director of the Financial Services Commission since its inception in 2001, has quit the position, a surprise announcement that came after market close yesterday.

He remains in the job to December 3.

Jamaica Securities Dealers Association (JSDA) president, Anya Schnoor, who was alerted to Wynter's resignation only after Wednesday Business called for comment, said the JSDA has had a good relationship with the FSC. "He has done well, and has done a lot for the development of the industry," said Schnoor, who is also CEO of Dehring Bunting & Golding and a senior vice-president of Scotiabank Jamaica.

Yesterday, Wynter, speaking with Wednesday Business, acknowledged the coincidence of the polls and the timing of his departure.

But the regulator, who will take up a new posting in Barbados after he demits office, said the events bore no relation.

"Not at all," he insisted.

In fact, Wynter said he has been in negotiations for the new job for several months. He wrote his resignation to the Owen Jefferson-led FSC board on Friday, three days ahead of the general election that, barring any new surprises, will result in a change of administration.

"These things don't happen suddenly," Wynter said of his new job.

"It's a very interesting opportunity."

In Jamaica, Wynter's job of overseeing the pensions, securities and insurance sectors, had national boundaries. But as capital markets Adviser to the regional entity,

Caribbean Regional Technical Assistance Centre (CARTAC), Wynter will have broader influence over the evolution of the mainly nascent capital markets in more than 20 countries.

The agency, however, mainly serves the Caricom territories, providing technical assistance and training.

Wynter, who was a deputy central banker with the Bank of Jamaica before his job with the FSC, said he was excited at the challenge that the CARTAC job offers and believes hispast experience would come in handy.

While his job is about advising on capital market development, he said, countries may well need to strengthen regulations as part of the process, alongside policy changes, to drive activity in regional financial centres.

Wynter said the date of his move to Barbados has not been finalised, saying the logistics would be worked out in the next three months.

As for continuity at the FSC, Wynter said it's likely that the new administration will see a change of the board, but said the agency had more than enough quality people to ensure no disruptions to its work.

"It's the type of agency where there is always something going on."

Schnoor meantime said Wynter's successor must be willing to engage dealers.

Illegal investments

"The industry needs regulation, but it also needs someone who will understand the workings of the industry and facilitate its development."

The outgoing director, who was made watchdog of the pensions sector under 2004 legislation, said he would have liked the reform process to have been more advanced.

"The consultations never seem to be enough, but the good side is the more the dialogue, the better the quality ... and the compliance."

But, Wynter also signalled an even bigger regret: that he was still grappling with the challenge to contain illegal investment schemes.

"These are very, very dangerous," said Wynter, adding that whoever his successor, the issue was likely to remain a priority of the FSC because of the potential backlash to personal investors as well as the broader financial sector.

"Its not a choice that regulators have," Wynter told Wednesday Business. "I'm sure it will be an issue for that person, as it has been for me."

Wynter's rotation with CARTAC is likely to last three years.

The agency operates as a project of the United Nations Development Programme, with the International Monetary Fund serving as the executing agency.

lavern.clarke@gleanerjm.com