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Informal Communication on FSC good enough for NDP govt.

- The system works well - Premier
Premier Dr The Hon. D. Orlando Smith felt the system of communication between the Financial Services Commission and Members of the House of Assembly works well. Photo: VINO/File
Leader of the Opposition Honourable Ralph T O'Neal, OBE had asked if the Premier would consider an amendment to the Financial Services Commission Act to make it mandatory for the commission to meet with the House of Assembly (HOA) at least twice a year to allow the members of the HoA to learn more about the operations of the commission. Photo: VINO/File
Leader of the Opposition Honourable Ralph T O'Neal, OBE had asked if the Premier would consider an amendment to the Financial Services Commission Act to make it mandatory for the commission to meet with the House of Assembly (HOA) at least twice a year to allow the members of the HoA to learn more about the operations of the commission. Photo: VINO/File
ROAD TOWN, Tortola, VI - One is left to wonder 'What next' is left for a government to do or say to show its high level of unprofessional ways of dealing with some of the most critical facets of the economy of the country.

Keen ears listening to the presentations and a deliberations of the Ninth sitting of the Second Session of the Second House of Assembly of the Virgin Islands held on May 14, 2013, have not failed to hear the Premier and Minister of Finance Dr the Honourable D Orlando Smith say he is comfortable with informal methods of communicating with members of the opposition as it related to the Financial Services Commission (FSC).

Leader of the Opposition Honourable Ralph T O'Neal, OBE, had asked if the Premier would consider an amendment to the Financial Services Commission Act to make it mandatory for the commission to meet with the House of Assembly (HOA) at least twice a year to allow the members of the HoA to learn more about the operations of the commission.

Premier Smith said the FSC has always indicated its willingness not only to discuss these and other financial services related issues with the House, but also to assist Honourable members in their understanding of financial services in general. "Honourable members will be aware, Madam Speaker, this happens both formally and informally, whenever industry related legislation is before the House. The system works well," said the Hon Premier.

Along with the system of formal and informal setting, Hon Premier noted that the establishment of a Select Committee on Financial Services was recently approved in the HoA which he said will promote another mechanism for the house to learn more of the operations of the commission and the Financial Investigation Agency (FIA), but also other matters of pertinence to the Financial Services Industry.

"I do not consider that at this time the suggested amendment is necessary as the house has requisite powers and protocols to achieve the intended efforts and as the commission executives are committed and stand ready to facilitate such briefing both formally and informally when need," said the Premier.

The Premier had said initially that he is willing to consider amendments to any statute that would result in improved working of the law and better governance. He also stated that the FSC Act contains benchmarked corporate governance provisions to ensure that the commission is ultimately accountable to parliament for the conduct of its affairs.

10 Responses to “Informal Communication on FSC good enough for NDP govt.”

  • ooooo (17/05/2013, 15:04) Like (0) Dislike (2) Reply
    those meetings are kept behind closed doors up by big mac guess?
  • pete (17/05/2013, 15:29) Like (4) Dislike (2) Reply
    casual anything does not bode well when it comes to governing. There must be a paper trail and documentation as to who is inquiring and what the issues are. Even Mr. George found that out when he asked for information which wasn't forthcoming. As it stands, this government has been TOO casual in getting information available not only to ministers but members of the public, and I do not see any change when it comes to public meetings.
    • links (17/05/2013, 16:08) Like (4) Dislike (2) Reply
      Pete when people don't understand things they should ask questions and not look to cause confusion. There's a reason why financial services was put under a statutory body being FSC and moved from under Government. If people understand how things work they would realize that what's in place now is fine and there's no need for what Mr Oneal is talking about. The FSC are holding their own and don't need meddling from central government. They have their hands full and should focus on cleaning up their shit and leave FSC alone. FSC are the ones that have the country afloat over the last 10-15yrs so obviously they're doing something right. Fix the damn schools, roads, water, sewage etc. from looking something else to destroy. Why didn't Ralph do it when he was there as Premier and Minister of Finance? schups. A set of know nothings in this place.
      • pete (17/05/2013, 23:37) Like (0) Dislike (0) Reply
        and who is the minister of finance?
      • All That Glitters (17/05/2013, 23:56) Like (0) Dislike (0) Reply
        I disagree with your thoughts about leaving them alone. The place is run like someone's personal business with no regard for the people who work there. What they need to do is go in ask the employees some questions and then they will get the real answers.

        I believe that they are given too much free reign and the Board has members who have been there since it started 10 years ago. How come all the other boards are changed and this one is left alone. 10 years of some of the same ideas is nonsense in a fast and ever-changing world.
  • qc (17/05/2013, 16:47) Like (0) Dislike (0) Reply
    well saw
  • GPS (17/05/2013, 17:59) Like (4) Dislike (0) Reply
    The hoa is a joke
  • DON Q (18/05/2013, 21:07) Like (0) Dislike (0) Reply
    The NDP will never press this issue
  • school children (23/05/2013, 09:30) Like (0) Dislike (0) Reply
    Much like they way they have governed the country. What teamwork. NOT!



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