She was the special guest speaker at the University Council of Jamaica's launch of the fourth Quality Assurance in Tertiary Education Week, held at the Terra Nova Hotel, in Kingston on Tuesday.
Marks stressed the need for greater dialogue between the private sector and the universities to determine areas of tertiary training and the need to mobilise the necessary resources needed.
"The speed with which the currency trading financial sector, now commonly called the 'alternative investment scheme', has attracted clients and mobilised savings indicates its potential as a positive contributor to the Jamaican economy," said Paymaster's managing director.
Many of the schemes have ran afoul of the main regulatory body, the Financial Services Commission (FSC), and after many protracted legal battles and skirmishes with the banks are now making efforts to obtain the requisite licences. The alternative investment schemes have redefined the financial landscape in Jamaica and the legislative and financial framework to monitor them is at best nebulous.
This point was not lost on Marks who noted the difficulties being experienced within such a short time as a result of an inadequate regulatory framework and a lack of knowledge of the parameters within which the sector operates, which suggests an urgent need for more suitable trained human resources both in the government institutions and the media.
Marks declared, "There must be an understanding of the difference among currency trading, a trillion-dollar global business investment and various other schemes.
"We must keep in mind that the nature of the financial system is that the regulators are always lagging behind developments taking place in the sector. What has to be done is to regulate with a view to ensure transparency and in as much as is possible financial probity, but not to stifle creativity and entrepreneurship.
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