Changes to Financial Services laws to boost consumer confidence
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The Financial Services Commission (FSC) plays a critical role in ensuring Barbadians have confidence in financial institutions that fall outside of the banking sector.
Therefore, with proposed amendments to the Financial Services Amendment Bill, Minister in the Prime Minister’s Office with responsibility for Culture, Senator Dr. Chantal Munro-Knight says changes allow for the efficient functioning of the FSC.
She believes the Colonial Life Insurance Company Limited (CLICO) affair has shone light on why an entity like the FSC is needed.
In 2009, CLICO, once a major player in life insurance in Barbados and throughout the Caribbean collapsed leaving hundreds of thousands of policy holders adrift, and requiring Government bailout.
And Senator Munro-Knight’s comments came on Wednesday as she led off debate in the Senate on the Financial Services Commission Amendment Bill 2022.
