CLICO clients show solidarity
“We in this thing together!”
June Fowler, chairperson of the unincorporated Barbados Investors and Policyholders Alliance (BIPA), delivered this strong message to CLICO policyholders in Trinidad last Sunday as she addressed a large gathering at the St Augustine Campus of the University of the West Indies.
“If nothing else unites us, this debacle will,” she added, referring to the 2009 collapse of CLICO’s parent company, the Trinidadian-based CL Financial, and its adverse effects on subsidiaries in the region.
Fowler, who visited Port-of-Spain to learn first-hand of the latest developments with the company, received an update from her Trinidadian counterpart Peter Permell.
He reported that members of the Executive Flexible Premium Annuity policyholders group had engaged a team of lawyers and were now seeking to be conjoined in litigation with ten people who had already taken CLICO to court.
A release issued after the meeting also said that Permell advised policyholders that he was in it for the long haul “until everybody got their money back with a proper settlement”.
The two groups expressed solidarity and made a commitment to continue sharing information.
However, in a telephone interview yesterday, Fowler made it clear that there were no plans to merge BIPA with the Trinidad policyholders’ group since the two were “unique and operated under different laws”.
She said BIPA would meet again on May 25 to discuss its next move.