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Financial regulators give assurances 

January 7, 2023
Logo of Financial Services Commission

The Central Bank of Barbados (CBB) and the Financial Services Commission (FSC) have confirmed that the Barbados Public Workers’ Cooperative Credit Union Limited Group of Companies is solvent, and condemned social media posts suggesting that Capita Financial Services Inc. had collapsed.

They warned that such alarmist statements could destabilise the financial system and encouraged individuals to be more responsible in their communication on these matters, whether to traditional media or social media outlets. 

The CBB and FSC also acknowledged that they were working with the organisations to strengthen corporate governance and compliance within their institutions, as they do from time to time with all licensees. 

The Central Bank and the Commission said their toolkit contained several measures that were implemented to suit various circumstances. 

The regulators explained that their recent regulatory actions were aimed at speeding up reforms, and pointed out that they were satisfied that the group was taking steps to address identified gaps in corporate governance and compliance. 

Concerning reports about the late submission of financial statements by Capita, the regulators confirmed that they were now in receipt of those documents. 

The Central Bank and FSC said that as regulators, they will continue to monitor the operations of all licensees in keeping with standard practice and with their responsibility for regulating the financial services sector to promote the stability of the system. 

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