Resigned FSC head to be paid three months' salary
Resigned Executive Director of the Financial Services Commission (FSC) Everton McFarlane is to receive three months' salary as part of his compensation package.
Minister of Finance Dr Nigel Clarke made the disclosure in a statement this afternoon that was posted on his Twitter page.
Clarke said McFarlane was employed to the regulatory body on a 36-month fixed-term contract which included negotiated increases.
He was earning a salary of approximately $16 million per annum, among other benefits, inclusive of a 25 per cent taxable gratuity instead of pension, and housing allowance of approximately $1.3 million per annum.
Clarke said McFarlane is to receive three months' pay — basic salary, housing allowance and outstanding gratuity — in lieu of notice as set out in the termination provisions of his employment contract.
He will also be allowed to purchase his assigned motor vehicle under the terms of the Government's revised comprehensive motor vehicle policy for the public sector.
“It should be noted that the above represents Mr McFarlane's contractual entitlements. Furthermore, Mr McFarlane waived his right to payments for accrued vacation leave,” said Clarke.
McFarlane resigned from the FSC on January 19 amid an unfolding billion-dollar fraud scandal at investment firm Stocks and Securities Limited (SSL).
His resignation took effect on January 31.
The accounts of at least 40 people, including eight-time Olympic and World champion Usain Bolt, were defrauded of approximately $3 billion.
Bolt's account is said to have been defrauded of US$12.7 million between 2012 and 2017.
The FSC has since come under public pressure as the state entity that regulates non-deposit-taking institutions.
From as far back as 2009, it raised many issues with SSL, which was branded a “problem institution”.
- Kimone Francis
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