FINANCIAL SERVICES COMMISSION TO BE ESTABLISHED

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Minister of Commerce, Consumer Affairs and Business Development, Senator Lynette Eastmond (at right), greeting Patrick Flanagan (at left), who will be conducting the training, while Deputy Permanent Secretary in the Ministry, Ernesta Drakes(centre) looks on.

Later this year, Government will be setting up a Financial Services Commission “to enhance the supervision and regulation of financial institutions in Barbados”.

Minister of Commerce, Consumer Affairs and Business Development, Senator Lynette Eastmond, made this disclosure today while addressing the beginning of an eight-day course on “Advanced Examination Techniques” hosted by the Co-operatives Department, at its Hincks Street office.

The Minister noted that the proposed commission “would integrate regulators of the Co-operatives Department, the Securities Exchange Commission, the Business Development Unit of the Ministry of Economic Affairs and Development and the Office of the Supervisor of Insurance and Pensions”.

She pointed out that “a variety of resources would be at its (the commission) disposal to further facilitate the growth and development of the financial sector of Barbados”.

At December 2006, the local credit union movement reported just under Barbados $1 billion in assets, distributed among 37 credit unions with a total membership of 143,265 persons.

Senator Eastmond said this positive growth of the credit union movement and its commitment to the financial empowerment of the masses had not escaped government’s attention.

“This outstanding contribution of the movement to the advancement of Barbadian people is well documented. Government has acknowledged that training is vital for all regulators and is committed to ensuring that adequate training is provided to the staff of these institutions,” she assured.

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