Barbadian investors spooked by the CLICO International Life Insurance debacle and unsure about millions invested in the company have been told recurrence of the investment headache was unlikely.
The assurance came from former insurance regulator and retired permanent secretaryin the Ministry of Finance, William Layne, who said the Financial Services Commission (FSC), formed last April, was an important intermediary between investors and somefinancial institutions.
However, Layne said while he was confident that the FSC – a supra-regulatory body providing oversight of credit unions, mutual funds, securities, pensions and insurance companies – would do its job, investors also had to be vigilant.
One of the reasons Layne was so assured was his confidence in the man seconded to head the institution – Ian Carrington. Layne described Carrington, a former director of the National Insurance Scheme, asa “firm, strong character”.
“I am sure that he is the right man for the job and he will do the right thing.
Read full story in today’s DAILY NATION.
