Minister of State in the Ministry of Economic Affairs, Empowerment, Innovation, Trade, Industry and Commerce, Patrick Todd,??speaking at??the Fair??Trading Commission’s 6th annual public lecture recently. (Image: C. Pitt/BGIS)??
The Fair Trading Commission (FTC) must dispel any notions of being unfair in their decisions.
Minister of State in the Ministry of Economic Affairs, Empowerment, Innovation, Trade, Industry and Commerce, Patrick Todd, threw out this challenge recently as he delivered remarks at the FTC’s 6th annual public lecture entitled: Functions, Formulas and Fiction: Regulation in the Next 10 Years. It was delivered by the Director of the Public Utility Research Centre (PURC) at the University of Florida, Dr. Mark Jamison and was held at Hilton Barbados.
He reasoned that the regulator could mitigate against accusations of not being fair in their decisions, by discussing them with the public. "Like utility regulators worldwide, the Commission, through the rate review process, is required to set the maximum rates for the utility service providers it regulates.?? Moreover, it is asked to do this while balancing the interests of the utility providers and consumers.?? At the same time, the Commission must ensure that the process remains impartial, transparent and beyond reproach," Mr. Todd stressed.
Underscoring the importance of maintaining high quality standards of utility service, the Minister of State implored the FTC to: "get it right and to determine rates that are fair and reasonable to all stakeholders."