Economy could benefit from regulates alternative investment schemes
Financial Analyst Errol Gregory says the Jamaican economy could be improved if the Government regulates alternative investment schemes.
As a result, Mr. Gregory wants the government to revise the current laws that govern financial institutions with a view to recognizing investment schemes.
His comments follow Monday’s Supreme Court ruling against investment clubs Olint and LewFam.
The clubs were appealing against the cease and desist orders issued by the Financial Services Commission, FSC, last year.
The Clubs had obtained a court order allowing them to continue their operations pending the outcome of the court case.
Monday’s ruling means that the two investment clubs will now fall under the jurisdiction of the FSC.
In recent months the Commission has been discouraging investors from putting their money in high yielding unregulated investment schemes.