well that does it…i’m done. i will do like my other colleagues when some of these issues came out l before the AGM 2011, they conceded that the Credit Union will become another CLICO and decided to borrow, more than what they have saved. their reasoning was that if those on the board are ‘thiefin’ left, right and centre and it looks as if all was lost – ‘well we will borrow dem out’, if the union sinks at least they would have more than what is owed to them

@ Caswell;

We await your informed comments and “insider’ understanding of what’s really is going on.

Are we seeing a miniature CLICO in the making while the FSC turns a blind eye like the previous SoI and the CLICO Board of Directors over the years?

The Credit Unions can only survive if members have utmost faith in the management of these cooperatives. Can any one say if this president Terrol Innis has any past associations with CLICO or with Leroy Parris?

Wow!

Miller

I can confirm that a lot of the content on this particular post is absolutely true. Unfortunately, the situation at Public Workers will deteriorate because there is no desire on the part of anyone in power to rein in the massive corruption because they use the millions owned by members to assist Government’s programme. You should recall that the Arthur Administration used the credit union to purchase shares in ICB and BNB even though it was against the law as it stood then. For that the regulator turned a blind eye to massive wrongdoing. The Thompson Administration needed money to assist in the CLICO bailout and used the credit union to launder NIS money through the system, even paying $1.9 million as goodwill. Mind you, to this day the members have not given permission to purchase CLICO Mortgage Finance Company, as required by law, but the Registrar approved the purchase anyway. For that law enforcement is turning a blind eye to corruption.

I believe that it will stop soon, not because of any intervention of the Financial Services Commission since they are seeing hell getting up to mark: the failure will come from collapse. There is too much nepotism, wuk for wuk, and stealing for it to last much longer.

To put a failure of BPWCCUL in perspective this credit union accounts almost 50% of credit union marketshare.

Karl & David

The failure of the Supervisor of Insurance to perform the statutory duties of that office is responsible for the predicament that many policy holders and investors, in CLICO, find themselves. Now history is about to repeat itself this time with Public Workers Credit Union. For years the Registrar of Co-operatives failed to adequately regulate credit unions, particularly Public Workers. The responsibility for regulating credit unions has now been transferred to the new Financial Services Commission, unfortunately, this fledgling organization is not adequately staffed and is incapable of carrying out its functions. Currently, Government does not seem to have the resources to provide adequate staff. Also, it is not interested in employing experienced persons to regulate credit unions. It would appear that they are more interested in providing jobs for their friends.

I am forced to interact with the Financial Services Commission on a regular basis, and I am completely disgusted by their lethargic responses to problems. Molasses would pass them going uphill.

All is not lost though, but, the solution to the problem is not characteristically Barbadian. We need public officials to do their duty without fear or favour. The very structure of the Financial Services Commission would mitigate against that since the workers there do not have security of tenure. If they fail to respond to political interference, they would be looking for jobs. Silly politicians pass legislation without regard to the adverse consequences. That is also part of the problem that begs for reform. Politicians need to put the policy in place and stay away from the day-to-day administration of the public service.

There is a sense of concern given the level of advertising by BPWCCUL for deposits. This is at a time when earlier this week Mia Mottley in the Estimates Debate referred to the liquidity in the system.

wow. as a member i am scared.

@Caswell

A lack of advocacy and a lack of consumerism are qualities which characterize the Bajan way of life. Maybe the failure of another financial institution is what it will take to have the Bajan Spring.

The Interloper

I can assure you that most of what was written in the post is accurate. I can also assure you that the writer has missed out a lot. The only disservice is that the members and the regulators sit down like drones and allow this level of corruption. We have all of the elements of another CLICO like disaster in the making.

David

Unfortunately, we cannot afford to let Public Workers Credit Union fail. The Financial Services Commission needs to get up off its behind and do their duty, rather than indulge itself in the bureaucracy that it has developed. The have the power to make the difference but somehow, it seem that they are more about form than substance.

@Caswell

i believe that a specail auidit of the crdit union should be called for, your thoughts

@ Caswell
Any failure of Public Workers will be your failure. For years you were the voice and conscience of the members of that body but you gone and let the “non-cooperators” chase you out…
Bush Tea hope that you are not thinking that running off to COB absolves you of current responsibility for this mess. As Blogger 2012 says you are responsible for lots of things back there….

@David

exactly that what i want.

@Caswell

There is the other part of the question posed by Bush Tea. Why run away to COB? Why not stand your ground and fight the caause?

David & Bush Tea

I did not run away to COB: I have been associated with COB for a number of years, as a matter of fact, I revised COB’s By-Laws when it was continue under the new Co-operative Societies Act in 1990.

A Public Workers, I was fighting a one man battle against embezzlement and other breaches of the law. Everyone wanted me to do the dirty work but I got no assistance. I got tired after a while, even when they purport to revoke my membership I refused to fight because it suited my purpose.

In 2008, I, along with two others were elected unopposed to the Board of Directors, and the presiding officer, Delisle Hurley, ignored the By-laws and declared Paul Maxwell and two other persons, none of whom were nominated in accordance with the By-laws, as winners. I took the matter to binding arbitration and won. The Credit Union took the Registrar to court in order to prevent me serving. The Registrar did not adequately or urgently defend the action. They allow the matter to languish in court for three years and allowed my term to expire in 2011. I did not have the resources to fight the matter in court so I could not instruct a lawyer to protect my interest. As a matter of fact the Registrar never included me in the matter as an interested party. The members did nothing while all this was going on: What would you have me do?

I was fighting against a corrupt board of directors, an ineffective supervisory committee, the senior ranks of the Police Force, the Registrar of Co-operatives and the Minister with responsibility for Co-operatives. The final straw came for me when I complained to my friend the late Prime Minister. He wrote back that he had asked the Permanent Secretary , Ministry of Finance to investigate and report back to him. The Credit Union got a clean bill of health and when I checked, the investigator was one of the people involved in the wrongdoing, one of the persons against whom I had made several complaints in connection with the breaches at Public Workers. What would you have me do?

Breaking NEWS! The internal auditor has been fired after finding gross wrongdoing and major financial irregularities. If the FSC continues to ignore what is going on there is no hope.

@Caswell

Understand your disappointment and frustration after many years of fighting against wrong doing. The answer is not to runaway like Bush Tea opined but to use you talent to strategize and find a way to overcome. To walk away is to surrender all of your lifes work already given to the credit union.

@ Caswell
….” I can’t swim…”.
LOL
It is St Thomas you come from right? …that puts a different light on matters. 🙂

Truth is that no one can honestly ask more of you in your unselfish and brave efforts to deal with this monster. The real tragedy is, as you said, the disinterest of the membership. Bajans seem to expect that somebody owes them big time, so they should be able to put their hard earned savings into any kind of scheme, Trade Confirmers, CLICO, or the Credit Union, and be automatically protected from the vermin that are naturally attracted to such funds.

The difference with the Credit Union is that THEY WERE ABLE AT ANY TIME TO KNOW WHAT WAS HAPPENING…. And you saw to that.

Actually, as you may have guessed, Bushie have nothing but respect and admiration for you in this regard and fully understands your decision to operate at reduced levels of stress…. After all, “You ain’t two mornings” … As the old people used to say…

Anyhow, look after yourself, cause Bushie still holding the little pick for you as Chairman of the National Supervisory Committee (the new senate) when Bushie and the other BBE boys take over….

Why can’t the internal auditor become a whistle blower and come on this blog to get his story out.
This credit union would make Clico case look small as over thirty thousand Barbadians will be losing money. This will now lead to a revolt because these people are the poor who barely are able to save a little four cent. Natural justice maybe carried out on people like Paul Maxwell

@FrenchBajan

Who can guarantee the safety of any financial institution?

There is inherent risk to ANY investment.

The key is to mitigate risk by adopting a sensible investment strategy.

FrenchyBajan

You asked, “How safe is COB?”

Far safer than Public Workers Credit Union. I am not saying that COB is perfect, but the whole sale thievery that is allowed to flourish at Public Workers would not see the light of day at COB. Of course, COB has some problems, but the current Supervisory Committee functions as intended and any breaches of the Act, Regulations, By-laws or good corporate governance are quickly dealt with. I know this for sure because I am now a member of the Supervisory Committee of COB. As a matter of fact, I just arrived home from one such meeting making sure that COB stays on the straight and narrow.

I have read the post with interest. Responding to clarify certain comments. I asked Public Workers’ Credit Union for a package in late 2005 or early 2006. Why? Because they attempted to fire me on June 04, 2004. I had to give a board member a piece of my mind. He was out of order, I called him into my office on his next “visit” to the organisation and quietly set him straight. Simple thing. He was not my boss. No director of a credit union can act as an executive manager. They are rank and file general members. we all know that. He complained to the CEO and they decided to send me home that day “…pending an investigation…”
In addition, I had been the organisation’s BWU delegate for eight years and I knew my rights. You do not treat union delegates as you would non-delegates. You make sure you have all your loose ends tied up. Properly. Robert Bobby Morris stepped in immediately, they behaved in a misguided manner and he shut down the place on my behalf for a day. So please do not denigrate Bobby Morris on this post. I went back to work with the full knowledge that I needed to work elsewhere. So I asked for a package. That is my story. The first time publicly discussed by me. BU Exclusive lolol.
But on a more serious note: I had spent a decade there and I did work hard. Very hard. I was the sole employee in the Marketing Department for nine years.
I came and found 15,000 members and left the credit union with 50,000 plus. The records are there. I had radio programmes going (first time a credit union had one.) For the first time, the credit unions in Barbados were gaining an image as a viable alternative to banks. We even moved into London and New York. (And we did not fly first class!!). The objective was to make the movement attractive to Barbadians; visible.I used my marketing and journalism training and qualifications to good effect. And enjoyed doing it in uncharted territory. I worked above and beyond the call of duty with the guidance of my mentor Keith Bourne – I would always seek his counsel – because I believed in and still believe in the principles that the credit union movement is founded on.
I restarted the practice of the founding members Olive Trotman and the same Keith Bourne, and recommenced visits to private qualifying workplaces and government offices to recruit members.We hit the tar at least once every week. Probably the Creator was training me to canvass all those years ago!! Not even sure that happens anymore. What I have read here disturbs me greatly and I do hope most of it is untrue. For the movement’s sake and my personal peace of mind. Most everything I own is in there. I have encouraged all my family and friends to join over the years, and none is regretful. So talk of a collapse is heresy to me. I already had my bitter experience elsewhere…
I am of the firm conviction that the rules and regulations of the institution allow for the members to turn it around.
I do agree to a certain point, as was said earlier, that our membership has become too complacent, and those who could rally them to action have been compromised in one way or another. Too much of what I have read on this blog, if what is said is true, points to a sleeping membership.
But I have full confidence that whatever ills are apparent can be addressed within the Act and by the members. They just need competent, credible leadership to go forward. For obvious reasons I cannot lead the charge at this level.
So to all those rank and file members who feel there is need for action, get up and act. There is too much at stake to just keep chatting and venting on blogs. I have been reading this disturbing information for almost a year now. Members will support credible leaders once they use the tried and true channels. And leave the d*** politics out of it.

Have to agree with miller.

BPWCCUL is too big to fail.

It represents more than 50% of the credit union market.

@miller

Listen to a representative from the Barbados Credit Union League expounding on the fact Sir Courtney will be submitting a first draft of a viability study soon. The immediate thought was how could such an announcement be made at this stage? What is the purpose of speaking to the topic? Has the FSC paved the way for the credit unions in Barbados to travel the path is it proposing? How will that industry which seems to be underfunded i.e.shares to loan ratio fund a coop bank. Let Bush Tea et al know that BU is not oppose to the idea but like miller stated we need to do it right if we do.

These clowns at the league have no idea what they are talking about. A co-operative bank sounds nice but what is it.?. Go online and check the definition: my preferred definition is: an autonomous association of persons united voluntarily to meet their members’ needs through a democratically controlled way. How is that different from a credit union? These jokers hear terms and want to dupe people into buying into their get-rich schemes.

These maguffies continue to set up structures using credit union funds and then deny the credit union members any say in the resulting entities. A co-operative bank would only be another avenue for persons to set themselves up as directors to fleece the docile credit union membership. Pray tell me, what can a co-operative bank do that a credit union cannot? Why do they need a co-operative bank?