The Cabinet held discussions with the Financial Services Regulatory Commission (FSRC) on Wednesday to address challenges in the offshore financial sector, particularly operational difficulties faced by some offshore banks. While the Cabinet cannot direct the FSRC’s actions due to legal provisions, it pledged support for measures to stabilize the sector and ensure the banks’ viability. FSRC staff reassured their commitment to protecting depositors and maintaining system integrity. The FSRC also agreed to provide regular updates on the sector’s status. Paul Ashe serves as the FSRC’s Chief Regulatory Officer.
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So, why has the FSRC done NOTHING about Global Bank? That bank cannot pay its depositors but the FSRC has done nothing but sit on its hands and allow the bank to continue operating for years. The bank is insolvent! Everyone can see that. This article is a joke!
Let me write in decent English/Grammar for this one. The financial sector and its regulatory body are of tremendous importance that folks in these sectors should be the best of the best. In Antigua and Barbuda, it seems (more like obvious) that those are not the people being placed in these critical roles.
The regulatory body is a government agency or administration that must police/regulate the sector, which means that folks with an advanced degree of knowledge in regulatory/administrative law should be in those positions that the regulatory body has.
Those with an advance degree in finance/banking and administrative law would be best. There are constitutional rights that this regulatory body must protect, including administrative due process rights. It must also communicate with similar agencies internationally (SEC, CFPB, FTC, FBI, DHS, SECRET SERVICE, ETCETERA). This means that these persons within the Antigua and Barbuda FSRC regulatory body will have a direct impact on Antigua and Barbuda’s international relations and national security. The country’s development, obviously, also.
I do not believe what I am saying here should be a genius comment, but when doing so about Antigua, it becomes such. It is like the leaders never heard of merit.
Also, there are a substantial amount of fraud, misleading of SEC, and lack of enforcement that is happening in this sector in Antigua. Putting those people who are competent in the areas that I mentioned would better encourage the viability and longevity of this crucial financial/economic sector.
Oh no! Fsrc is afraid to function from since change a government in 2014.