Government is keen on welcoming new investment in the non-bank sector, but it will not be doing so at the expense of stringent regulations.
The Ministry of Finance and Economic Affairs and the Financial Services Commission will therefore be maintaining their vigilance of these financial institutions.
Parliamentary Secretary in the Ministry of Finance and Economic Affairs, Senator Jepter Ince, gave Government’s position on the issue yesterday during the official launch of microfinance company Axcel Finance Barbados at its McGregor Street, Bridgetown office.
“Despite the significant contributions that this growing non-banking financial sector can make to the development of our country, one still has to remain cautious in ensuring that the investor and customer alike are protected,” Ince said.
“Although a regime of excessive regulations may not be favourable to the development of a market, if we are to sustain stable and competitive financial markets and at the same time minimize the chances of unexpected market collapses and meltdowns, leaders in Government and in the industry in Barbados and across the region, must continue to accept the need to maintain certain monitoring and regulatory mechanisms to guide market activity,” he added. (SC)
