Bank of Jamaica Governor Richard O. Byles will now assume the role of board chairman for the Financial Services Commission (FSC) following the resignation of Executive Director Everton McFarlane last week.

This declaration was made a short while ago by Finance Minister Dr Nigel Clarke at a press briefing.

During his presentation, Dr Clarke highlighted that Major Keron will replace Everton McFarlane as Executive Director. Other changes made to the board include the new appointment of three Directors, Wayne Robinson, George Roper, and Jide Lewis.

The Minister however underscored that the company’s Directors  Erwin Brown, Dennis Brown, Kennisha Davis, and Hillary Robertson will be retained.

Meanwhile, Minister Clarke stated that the appointment of Byles as board chairman will propel the FSC in a more suitable direction.

Clarke also rubbished assumptions that McFarlane’s sudden resignation was based solely on his inability to answer questions posed by the media in last week’s press briefing about the irregularities uncovered in SSL by previous investigations carried out by the FSC.

“The FSC needs to move in a new direction and needs to move to a place where a change in Executive Director is absolutely necessary and it’s abundantly clear that change needs to take place.

The overarching of the FSC and the direction where the FSC needs to go at this phase of its life, leadership needed to be renewed,” he asserted.