Regulators of the financial sector join hands to improve supervision

Regulators of the insurance, pensions and capital markets are joining hands to better supervise the financial sector.

This will see the Bank of Ghana, National Insurance Commission, Securities and Exchange Commission and National Pensions Regulatory Authority formalize their engagement through information sharing.

There has been a memorandum of understanding by the regulators to formalize their meetings.

Governor of the Bank of Ghana Kwesi Amissah-Arthur explains to Joy Business the engagement is critical to improve regulation of the financial sector.

“The regulators of the financial system – the insurance, capital markets and pensions – got together and decided that we need to cooperate on pros-agency issues.”

Meanwhile, the heads of these agencies have been meeting every six months in what they call the Regulators Forum. Their first meeting was in August last year.

They are hoping to use these engagements to come out with some joint polices for the financial sector.

A technical committee has also been formed to do all the ground work and then report to the heads of these institutions.