WHILE BARBADOS INVESTMENT & POLICYHOLDERS ALLIANCE APPLAUDS MINISTER SINCKLER’S ADMISSION OF GOV’T CULPABILITY IN CLICO AFFAIR, YET BIPA FEELS BETTER CAN BE DONE
Popular British reggae/dancehall-techno band UB40 had a song which many feel easily applies to many politicians…
Your cut was quick and deep
But then you thought you’d never need a friend
But all things change, and tides must turn
And you let all your bridges burn
Too many fatal wounds to heal
The rest is history
You can do no more to me
I’ve been down so low
Had nowhere left to go
I could see it in your eyes…
This tune may be sung by many of the younger members of the Barbados Investors & Policyholders Alliance (BIPA), especially when – recalling before the late David Thompson went into his recuperative hiatus – how the erstwhile leader urged Bajans to keep investing with CLICO.
On top of this in a subsequent Budget, Freundel Stuart in an uncharacteristic outburst of verbosity clarified to Bajans via radio, television and internet how Leroy Parris, one of the main personnel in the Barbados branch of CLICO was his client, buddy and pal! Using almost the same wording and emphasis too… Is it any wonder the potential voters in BIPA are now enraged and ready to hit the current Cabinet where it hurts?
The Consumer Group has just released a caustic harbinger to Chris Sinckler and the rest of the Freundel Stuart regime warning them time is running out, do the right thing – or else?
The Barbados Investors and Policyholders Alliance (BIPA) has responded to the recent speech delivered by the Minister of Finance, Chris Sinckler, at the Barbados Association of Insurance and Financial Advisors. Chairperson of BIPA, June Fowler, has expressed relief on behalf of the Alliance that the Minister has finally acknowledged the culpability of Government and its agencies in the CLICO/BAICO debacle. Not only did the Minister single out the Office of the Supervisor of Insurance, but he went on to accept that Government had failed to take action sooner, which would have strengthened the powers and efficiency of that Office. Commenting that, “We knew that we had challenges in the Office of the Supervisor of Insurance,” the Minister went on to admit, “but we did not put the requisite legislative changes and administrative changes in place.”
Although pleased that Minister Sinckler was publicly accepting the role that Government and its agencies had played in the collapse of the two companies through their lack of oversight and prompt action in the affair, BIPA’s June Fowler was not impressed by the Minister’s statement that, “we must all humble ourselves and accept that we ‘dropped the ball’ in many respects”. Mrs. Fowler took exception to the Minister’s casual language in describing what amounts to gross dereliction of duty by the Government, its agencies and its employees, which resulted in an avoidable catastrophe which has caused immense agony and distress to 35,000 Barbadian policyholders for the last three years.
Speaking on behalf of BIPA members, June Fowler is making it clear that the Alliance does not wish to hear of further delays in a satisfactory resolution to the situation, which the Minister has now promised for June of this year. “Last year, he told us it would be resolved by year end, and now we are being told it will take another six months.” Mrs. Fowler adds, “We have maintained from the start that we want every last dollar we are owed, that is to say principal and interest, and we want it now. Given that Government has admitted its culpability in this debacle, we expect them to ‘step up to the plate’ and deliver, one way or another.”