Does the Government fully understand the role of IFC?

While not responsible for collating statistical information as to the growth of the sector, they communicated regularly with the private sector to understand how the business was reflected in their individual agencies.

Then, because of the recent economic crisis, this responsibility was handed down to the Marketing Advisory Committee, which was appointed by the Cabinet.

“Business was on a moderate increase as there were new company incorporations taking place, but business could be very volatile,” said Ms. Sherri Ortiz, IFC Executive Director at the 2010 Deliberations of the Standing Finance Committee presented in front of the House of Assembly.

Upon hearing such a report from Ms. Ortiz, the Member of the Fifth District Hon. Elvis J. Harrigan asked whether as a jurisdiction there would be new initiatives towards growing the financial services sector.

Ms. Ortiz told the Honourable Member that she was unable to answer that question, seeing that the IFC’s budget was so significantly cut.

“The question is whether the Government understands the role of the IFC,” she added. “If the IFC  is responsible for promoting and developing the financial services industry, and they are not given the funding to do it, it is a contradiction to their role.”

IFC, she said, cannot develop any programmes without funding, as it is an extremely competitive environment.

Ms. Oritz explained to the Standing Finance Committee that the IFC is required to enter into Tax Information Exchange Agreements with other countries.

According to Ms. Ortiz, there is a certain percentage of the IFC’s client base that does not want their information to open and at risk, so they have been switching their financial business to other jurisdictions.  She stated they were losing business trying to be compliant and also because they did not have the money to seek out new markets that were at a place of stagnant activity.

The Member of the Fifth District Hon. Harrigan told Ms.Oritz that he echoes her sentiments.