WE ARE A legitimate business operating by the rules.
That was the position of Michael Williams, group chief executive officer of FastCash Caribbean, who flew into Barbados recently from his Dominica headquarters and responded to concerns from head of the Financial Services Commission (FSC), Randy Graham, about the absence of regulations for the increasing money lenders such as FastCash, Axcel Finance and Unicomer.
These entities offer loans but are not deposit takers and so fall outside the Financial Institutions Act.
“There is no loophole to any legislation that we are getting past. . . . We did engage the Central Bank before we came into Barbados [in 2014] and we asked for clarity on that act. They wrote back and told us basically that if you are not taking money off the street you’re pretty much like any other business,” he said.
Please read the full story in today’s Sunday Sun, or in the eNATION edition.