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It is an admission by many Barbadians that debates in Parliament, including the Lower House and the Senate have become rather lacking in enthusiasm, to put it politely.The fireworks that used to be a feature of the Senate during the tenure of former senator Caswell Franklyn and former Opposition Leader Bishop Joseph Atherley in the Lower Chamber, have dissipated.Though there are a few occasions when everyone is not singing from the same hymn sheet, there are some speakers from whom the public can expect interesting perspectives on legislative amendments, new laws, or simply topical issues.Among them is Government Senator Gregory Nicholls. Recently, he chided the Financial Services Commission (FSC) for possible regulatory over-reach into the management of credit unions.
A Government senator has called for a deposit insurance scheme to form part of the regulatory framework for the non-banking financial sector.Government Senator Gregory Nicholls said now may be the right time for the introduction of a deposit insurance scheme for the non-banking financial sector, to ensure the protection of commercial assets belonging to Barbadians who are investing in these institutions, to ensure that if there is a problem at least some basic minimum is recovered.”He made the comments while making his contribution to the Financial Services Commission (Amendment) Bill, 2022 which was passed in the Upper House on Wednesday.“I am talking particularly about the securities and mutual funds and so forth. As we develop the financial services sector, should we not look at creating and establishing a deposit insurance scheme so that Barbadians may feel more comfortable in putting out their money in the financial instruments that are being offered by these entities?” he a
Two new members will be added to the National Anti-Money Laundering and Terrorist Financing Coordinating Council if a recently passed bill gets the governor’s assent.
Three years after the court-approved company Resolution Life which was administering payments to thousands of CLICO International Life Insurance policyholders in Barbados came to an end, Minister in the Ministry of Finance Ryan Straughn has revealed that the Financial Services Commission (FSC) which took over from the wound up company, is still to complete the work.He made the announcement in Parliament on Tuesday while debating the Financial Services Commission (Amendment) Bill and the Financial Services Commission (Miscellaneous, Provision and Validation) Bill, which are designed to give greater certainty to the operations of the FSC.“Now that ResLife has been wound up, the FSC has responsibility for anybody, who for whatever reason did not get their bonds issued in 2019. The FSC has the responsibility now for administering any of the persons who were the stragglers at that point,” said Straughn.After coming to office in 2018, the Mia Mottley administration set up Resolution Life