It seems Barbadians have forgotten about CLICO and all the promises but what have we learned from the collapse? How have we sought to strengthen institutional capacity as a response? Is the Financial Services Commission (FSC) doing a job? Should Barbadians be privy to the sealed judicial report? What about those who were involved with CLICO Barbados and continue business as usual?
Afra Raymond’s journey in Trinidad covering CL Financial matters should serve to inspire others. This piece is recommended reading.
Originally posted on AfraRaymond.com:
I am responding to the points made by Central Bank Governor, Jwala Rambarran, in his 6 November speech to the T&T Coalition of Service Industries.
This speech attempted to both re-affirm the Central Bank’s important role in our economy -
…as the country‟s prime financial regulator, the Central Bank has an almost fifty year record of maintaining the safety and soundness of the financial system…
and to distinguish Rambarran’s tenure as Governor since July 2012 -
…These are just a few of the initiatives the Central Bank has been working on over the last fifteen months to rebuild confidence, strengthen financial stability and to help create our future financial system…
Rambarran’s focus was “…First, “How did it all happen?” and, second…“What is being done to prevent a similar event from happening again?…”
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