THE FINANCIAL SERVICES COMMISSION (FSC) says it is keeping a hawk’s eye on non-bank financial institutions on the island to ensure that people’s money and investments are protected.
The assurance has come from Randy Graham, chief executive officer of the FSC, who said a suspension order imposed on one of the island’s credit unions was unlikely to be lifted before February 2016 unless the regulatory body was satisfied the financial institution had put its house in order.
Graham told the WEEKEND NATION that the FSC had “good grounds” for barring the Barbados Secondary Teachers’ Co-operative Credit Union from issuing any new loans for the next 12 months and would not change its position until it was sure the Belleville, St Michael financial institution had corrected a number of issues.
geralynedward@nationnews.com
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