Central Bank Governor Cleviston Haynes advised anyone taking part in any financial schemes such as “blessing circles” to exercise caution and seek advice first.
While he admitted he did not know all the details concerning blessing circles, he said “it seems to be speculative” and there was risk with any such mechanism.
“There could be a relationship between adversity and the emergence of schemes which appear to be somewhat disingenuous. You probably stand a good chance of being a loser at the end of the day –which goes back to education and understanding.
“If you are being asked to make a significant investment of that type, perhaps it may be wise to have someone who you can sit with and who can give you [sound] advice,” he said.
Haynes said traditional meeting turns carried risks as well and advised anyone considering entering any such scheme to seek out information, get sound financial advice and not invest what they were not prepared to lose.
Haynes’ comments were made on Friday during his address at the Barbados Association of Insurance and Financial Advisors virtual monthly meeting. (CA)
