Residents should understand FS in layman terms
Financial Services
ROAD TOWN, Tortola, VI – The Territory’s Financial Services should find ways to sensitise the public on what it does in ‘lay man’ terms so that the general public could understand the magnitude it plays in the economy.
Seventh District Representative, Dr. Kedrick Pickering made this suggestion at the last sitting of the House of Assembly. He recommended that educational materials and handbooks could be published.
“So that even the secondary school students can get a grasp of what is going on because for so long the financial service has some mystic to it. Ordinary people don’t seem to understand how it affects their daily lives,” Dr. Pickering said. “These things are becoming more and more complex.”
He also disclosed that during his travels he has learned that the perception persons have of the Virgin Islands is that “either you are a tax haven or into offshore banking”.
“We have to explain and clarify what is our line of business…It would be useful with future legislation to have explanatory notes put into perspective what offshore financial services are doing, what we are doing in the BVI, how it affects our daily lives,” Dr Pickering pointed out.
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