Finance Minister Fayval Williams is defending the Government’s $500-million withdrawal from the Financial Services Commission (FSC), arguing that it poses no threat to the regulator’s stability or continued viability.

“From time to time, and based on Government’s revenue requirements, the financial sector may request distribution of surpluses, reserves, or financial investments in excess of requirements for working capital from self-financing agencies,” she said at a news conference on Wednesday.

The FSC was established in 2001, following the 1990s financial crisis, to supervise the non-deposit-taking financial sector, including insurance, securities, and private pensions. It protects consumers by licensing industry players, enforcing compliance with regulations, and promoting market stability