BARP Response to Government CLICO Statement – does the ruling Commerce Minister agree?

Received a statement from BARP concerning investments they made with CLICO and what steps the Freundel Stuart regime plans to do according to Finance Minister Chris Sinckler, I found it odd considering this appears to be at odds with the assessment of Commerce Minister Haynesley Benn?

Here’s a release from the Barbados Association of Retired Persons;-

On behalf of its thousands of members who are likely to have invested their life savings and gratuities in Clico’s Executive Flexible Premium Annuities (EFPA’s), the Barbados Association of Retired Persons (BARP) was heartened by the announcement given in the House of Assembly last Tuesday by Minister of Finance Chris Sinckler. BARP welcomed Minister Sinckler’s assurance that Government “remains committed to ensuring that the best possible outcome from this matter can be obtained on behalf of all those policyholders who have invested in these Executive Flexible Premium Annuities (EFPA’s)”.

Whilst such clear, positive and reassuring comments are most welcome, BARP has noted a number of reports in the press over the last few months suggesting that certain proposals may already be under consideration. The Association hopes that the Minister will take note of BARP’s concerns, given the number of its members and other older persons who could be adversely affected if such proposals were to form part of the solution to the Clico situation.

For example, it has apparently been suggested that repayment of the EFPA investments might be made over a period of ten years. In view of the ages of its members and older persons in general, BARP would find such a proposal untenable.
As the full value of an EFPA is normally payable upon the death of the policyholder, the additional distress caused by the threat of a delay in payment to a spouse or dependent following the death of the policyholder is indefensible.

Minister Sinckler has already proved his commitment to the social and financial well-being of the elderly during his time as Minister of Social Care, pushing forward with the establishment of a Department for Elder Affairs and preparing to present to Government the White Paper on the elderly drafted by the National Advisory Committee on Ageing. BARP hopes that the Minister will continue to demonstrate his support and awareness of the needs of the elderly in dealing with the Clico situation.

After the months of deafening silence from all involved parties, Clico, the Government and other stakeholders, it is reassuring that this development has occurred, BARP hopes that the current dialogue will evolve sooner rather than later, into meaningful action.

Mr Ernest Batson
President
BARP

Maybe Haynesley Benn should be given the benefit of the doubt for not answering CLICO issues, after dealing with Agricultural matters his whole life, as of September he is suddenly put into Commerce & Trade, so he's like a fish out of water... But doesn't farming include business acumen? Shouldn't he have basic familiarity with Hot Button issues like CLICO? If not then why? Who is at fault for misinforming the Minister if this is the case?

Now while the BARP President is satisfied and considers hope is on the horizon, when I saw Commerce Minister Haynesley Benn over by George Street recently, I asked about the same matter which Mia Mottley had also touched on ever sine, this was his reply to my question which I included for historical purposes {CLICK ON FOLLOWING LINK FOR FULL AUDIO1’51”};-

Included is my original question to Minister Benn who flatly refused to even consider the question and then abruptly closed the Q&A session, you hear DLP sycophants approving of his dodging the issue which now Chris Sinckler is claiming he wishes to tackle, what remains is how soon and how effectively will the issue be dealt with?

4 Responses

Stay in touch with the conversation, subscribe to the RSS feed for comments on this post.

  1. Great post. I love what u did with reference to Minister of Commerce comment or lack of comment, being Minister of Commerce he should be prepared to speak on the matter, its not like he got the position yesterday.

  2. Sinckler’s comment was “BARP welcomed Minister Sinckler?s assurance that Government ?remains committed to ensuring that the best possible outcome from this matter can be obtained on behalf of all those policyholders who have invested in these Executive Flexible Premium Annuities (EFPA?s)?.

    Why was the BARP president so enthused by this statement. It says virtually nothing. The “can be” seems to negate the construction the BARP president seems to have placed on it. But then it is understandable that he has to be politic in his comments and, as he has done, ensure that BARP members interests are ventilated.

  3. Oops!

    Sinckler’s comment was “……Government ?remains committed to ensuring that the best possible outcome from this matter can be obtained on behalf of all those policyholders who have invested in these Executive Flexible Premium Annuities (EFPA?s)?.

Pingbacks

Comments

add a comment

Some HTML is OK

or, reply to this post via trackback.