No compromise on financial legislation
GOVERNMENT wants more non-bank financial institutions operating in Barbados, but it will not compromise on regulations intended to protect investors and the economy if these financiers run into trouble.
Parliamentary Secretary in the Ministry of Finance and Economic Affairs Senator Jepter Ince made that clear this morning while speaking at the official launch of Axcel Finance Barbados at McGregor Street, Bridgetown.
“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,” Ince said.
He said such regulation was not intended to restrict market development but aimed to protect investors from corporate greed and corruption in addition to saving the economy from “threats of destabilization of potential viable industries and by extension the destabilization of the economy itself”.(SC)