Businesses Urged to Plan Carefully

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Sen. Darcy Boyce

Business persons must engage in careful planning if their ventures are to succeed!

This was the message from Minister of State in the Ministry of Finance, Senator Darcy Boyce, as he delivered the feature address at the Fifth anniversary ceremony of Caribbean Money Market Brokers (CMMB) (Barbados) Limited, at Lion Castle Polo Estate, St. Thomas, last Saturday.

Senator Boyce told his audience that "the financial crisis provided an opportunity for responsible firms … to demonstrate to the public, the importance of careful planning in the creation of financial security".

He said: "You must be part of the process of educating the public about the pitfalls of the get rich quick schemes." He noted that this would help persons to avoid schemes that were "too good to be true".

Senator Boyce further added: "There are no quick fixes or instant solutions to financial success. We have seen the impact of get rich schemes, not only internationally, but here in the Caribbean." He suggested that it was due to the conservative nature of Barbadians that this country had managed to avoid some of the worst cases of financial and economic crises.

Speaking in general about the need for financial systems to be carefully monitored, he indicated that coming out of the April 2009 G20 meeting in London, the focus was on reshaping the rules of global regulation. To this end, he said Government was "committed to providing a coordinated fiscal stimulus to global demand and restoring a sense of hope for the future".

The Minister of State announced that this administration had therefore decided to "push ahead with the creation of the Financial Services Commission". The regulatory body, he revealed, was designed to supervise and regulate all non-bank, financial institutions and the international business sector. "We were hopeful that this commission can get started before the middle of next year," he declared.

Senator Boyce stressed that confidence was needed to make the financial system work well. "When the financial system does not work well, the real economy suffers as a result," he pointed out.

Senator Boyce advised CMMB to be committed to providing creative solutions to the financial challenges life poses. "You must always remain highly conscious of the risks involved in whatever instruments you market, or solutions you propose, both to your clients and to yourself and you must have an adequate plan and resource base to manage those risks," he opined.

Caribbean Money Market Brokers (Barbados) Limited is an international financial trading and brokerage company with some TT$6 billion in assets.

clashley@barbados.gov.bb

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