Everton McFarlane, the executive director of the Financial Services Commission (FSC), has resigned effective January 31.

Finance Minister Dr Nigel Clarke made the announcement while speaking with journalists on Thursday afternoon.

McFarlane is set to depart on leave on Friday, January 20, Clarke said, adding that Bank of Jamaica's Chief Prudential Officer, Major Keron Burrell, will be seconded to the FSC to assume the role of interim executive director.

"I intend to make further policy announcements on Monday," Clarke said.

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).

READ: Lawyers confirm Bolt hit for more than US$12million in SSL fraud.

Sprint great Usain Bolt is among more than 30 investors whose funds are said to have been stolen by a former employee of SSL.

Earlier this week, the police Fraud Squad and Financial Investigations Division (FID), which are probing the case, said questionable transactions were being made on some of the affected accounts for more than a decade.

At a press conference on Wednesday, the FSC was largely evasive when questioned by journalists on the matter.

READ: FSC ducks questions, says answering now would be premature

Clarke on Thursday reiterated his disgust at the development.

"I am certainly disgusted at what has been revealed thus far in terms of the fraud at SSL and I have given a commitment that the governent will do everything in our power to ensure that the strength and credibility of Jamaica's financial sector remains in tact," he added.