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| Jeffrey Cobham - Chairman of SSL |
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| Hugh Croskery Executive Director - SSL |
Recently, the society was jolted from its slumber, by the revelation of that over JAD 1.2 billion (and counting) fraud in the financial sector. We know that Jamaicans have been through hell over the years, and many believe that the financial sector is to be blamed for many of our economic ills.
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| MP Fitz Jackson |
When I saw how bank fees were introduced, and although the Consumer Affairs Commission's (CAC) CEO - Dolsie Allen, MP Fitz Jackson and myself, talked about it, many consumers did not seem to care. We are now paying dearly for remaining in a coma while the financial sector do what they want to do. We have been properly screwed - the nut is worn and the washer is now useless. Where will the protection come from for the consumers? By the way, what happened to the findings of that FINSAC Enquiry?
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| Dolsie Allen CEO, CAC |
I lobbied the financial institutions to give us updates via emails, so that customers could be advised when there are transactions on their accounts. I also recommended that we be able to set up controls for our accounts. Recently, Scotia Bank disabled the capability to set up controls using my cell phone. There was no prior notice about this. I have sent an email to them, and called then about the matter, and I have not yet received a response.
I suggested to the banking sector that they should allow persons to add at least two contacts to their accounts, so if anything happens to the customer the bank can make contact with those persons who are listed as contacts on the accounts. This I believe would reduce the number of dormant accounts in the banks. The banks would have at least two other persons who they could contact, just in case they are unable to locate the account holder. As far as I know, nothing has been done to facilitate that. The next thing I heard was that bank fees are levied on these dormant accounts and a few business leaders want to use these funds as cheap loans! I am finding it difficult to trust the financial sector.
One insurance company has increased premiums significantly, and some persons are facing the possible collapse of their policies. I have not heard any public explanations being given about this matter. Retired Jamaicans are the ones who are facing serious challenges with these premium increases. Who cares?
I have lobbied hard for banks to have bathrooms in their branches, and no one seems to be listening. They seem quite happy to have their customers do their thing at the side of the buildings.
Jamaicans have been ponzied, finsaced and now they are facing plain robbery. What next? Are we going to sit down and take it? Those who have lost millions, could have saved the day if they have been supporting the work that I have been doing, to keep these institutions on their toes.
The management of the SSL is telling us that action is being taken to prevent this happening again. That is water under the bridge and I am sure that persons will start to withdraw their investments from the institution. I need to hear from the Chairman Cobham, of SSL (Stocks and Securities Limited). I need to hear from the head SSL, Mr. Croskery.
Jamaicans must call on the government to set up a team to review the financial sector with the aim of improving transparency and accountability. For example, I believe that financial institutions who have failed to secure their customer funds, the responsible persons at those institutions should be made to hand over a portion of their personal assets as compensation to those who have lost funds. These leaders should not be allowed to sit on any board, nor be a part of the management of any financial institution in the future. The high incidence of fraud in the financial sector must be treated as a serious national matter. Loss of confidence in the financial sector, can lead to certain consumer reactions. This could bring the financial sector and the economy to its knees. This is not something to romp with!
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This is just a tip of iceberg my bro. God is now opening the eyes of the people to let them know exactly what a few of us has been talking about from way back. However; they have so much loopholes. So them know how to put a spin on it.
ReplyDeleteSo true😁
ReplyDeleteVery good points Vernon. This is another example of lack of governance - the government does no really care to manage Jamaica for the good of the people. The Finance Minister seems enarmoured with the finincial sector as they "rape" us - apparantly he is a proponent of the failed "trickle down" mentality.
ReplyDeleteIn Criminals Paradise everything is everything anything goes,money haffi run and mostly everybody in on the he act.Crime is a multibilion embedded fast growing business that impact the lives of all Jamaicans.
DeleteTake a look at the Crime Industry and see who benefits most.First there is the legitimate industry with 11,000 police,30,000 security guards,6000 JDF personell,11 prisons and 2000 correctional officers,the 6000 lawyers,the Ministries of National security and Justice ,the vehicles,food,maintainance,guns ,ammunition etc.The World Bank estimated Jamaica spends 5%of GDP on Crime.What about the illigitimate industry add that to it what do you see give us a name for such a place and every Crime Plan is an effort to grow the industry.Tell me who does the dying,bear the pain and suffering and which class of people smiles all the way to the bank and go on world tours.
Very good point I hope they listen to u.
ReplyDeleteI agree with everything that you stated Vernon. It is a dam shame how the government has allowed the financial institutions to rape the customers of their hard earned funds. We need action not a bag a mouth
ReplyDeleteJacket and necktie upper class
ReplyDeletefound guilty of scamming,pyramid scheme.This country should cease extraditing or punishing our little petty scammers until their is equity in the administration of justice.The big man,former ministers, ministers and woman must go to Prishotels and pay the $1.3 million per year to stay there.Crime is big business in Jamaica at least 12%of GDP let's face it Jamaica is a CRIMINALS..PARADISE.
How will ceasing from punishing "petty" scammers help? Petty scammers directly rob poor people and petty scamming leads to turf war..
DeletePolitics = Business
ReplyDeleteBusiness = Politics
There will be no meaningful change. The script (talk) may change, however.
Keep to the pressure Vernon. You are Spot On that transparency is needed 100%. Another issue is the amount of donations given to the JLPNP by the main Financial Institutions that in my opinion reduces the urgency to get the Financial Institutions properly regulated. We definitely need to Change this Alibada Government System.
ReplyDelete