FSC former boss to be paid three months’ salary following resignation
Finance Minister Dr Nigel Clarke has revealed that former Executive Director of the Financial Services Commission (FSC), Everton McFarlane, will be given three months’ pay as part of his separation package.
Clarke said McFarlane is to receive three months’ pay, housing allowance and outstanding gratuity — in lieu of notice as set out in the termination provisions of his employment contract.
McFarlane had been earning a salary of approximately $16 million per annum, among other benefits, “inclusive of a $25 per cent taxable gratuity in lieu of pension and housing allowance of approximately $1.3 million per annum.”
Clarke, who posted the release to his official social media pages on Monday, added that McFarlane is permitted to purchase his assigned motor vehicle under the “terms of the GOJ [Government of Jamaica] Revised Comprehensive Motor Vehicle Policy for the Public Sector.”
McFarlane tendered his resignation on January 19, which took effect on January 31, after these terms were accepted by the Government.
McFarlane’s resignation comes as the FSC faces criticism over its regulatory oversight of companies in the financial services sector amid the multibillion-dollar fraud saga at Stocks and Securities Limited (SSL).
Sprint legend Usain Bolt is one of at least 40 SSL clients whose investments were totally or almost wiped out in the fraud estimated to be more than $3 billion so far.
Clarke had asked McFarlane to resign to “make way” for the “new direction” in which the FSC would be heading. The Bank of Jamaica’s Chief Prudential Officer, Major Keron Burrell, assumed the role of interim executive director.
“Mr Mcfarlane was employed to the FSC as Executive Director in August 2017 and his contract was renewed by the Board of the FSC in August 2020 for three years ending July 2023,” Clarke said.
“It should be noted that the above represents Mr McFarlane’s contractual entitlements. Furthermore, Mr McFarlane waived his right to payment of accrued vacation leave,” Clarke said, adding that McFarlane spent over 26 years in public service.