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Former FSC head Everton McFarlane to get three months' severance pay

By Halshane Burke   

Former head of the Financial Services Commission (FSC), Everton McFarlane, is to receive three months' salary in lieu of notice.

Mr. McFarlane on January 19 tendered his resignation as Executive Director of the regulator, effective January 31.

His departure followed a press conference hosted by the FSC in relation to the massive fraud orchestrated at Stocks and Securities Limited.

Several FSC reports into the entity had outlined a number of breaches at the company but SSL was allowed to continue operations.

Under the terms of his contract, Mr. McFarlane earned a salary of approximately $16 million per year with a housing allowance of $1.3 million annually and a 25 per cent taxable gratuity in lieu of pension.

In a tweet Monday afternoon, Finance Minister Dr. Nigel Clarke said Mr. McFarlane walks away with three months pay inclusive of basic pay, housing allowance and outstanding gratuity in lieu of notice.

The former FSC head will also have the option to purchase the vehicle that had been assigned to him under the terms of the government's revised motor vehicle policy for the public sector.

Mr. McFarlane reportedly waived his right to payments for accrued vacation leave.