PREDATORY MARKETING and the Vulnerable in Society II
An earlier blog titled PREDATORY MARKETING and the Vulnerable in Society provoked several questions from the BU family. A BU family member (Wonderer) was motivated to to put in some leg work on behalf of the BU household to seek clarification. Unfortunately the effort although appreciate by the blogmaster raised more questions.
Today I called the Bank Supervision Division of the Central Bank of Barbados (CBB) and asked who supervises all the pop-up Ready Cash Lenders, Money sharks and Poor Predators.To my dismay, I was told NO ONE. CBB regulates Banks, Financial Services Commission (FSC) regulates Insurances and Credit Unions. CBB does not regulate rates of interest either.I asked: “So I can register a firm at CAIPO and lend money at any rate of interest?” Yes. As long as it’s your own money and people are prepared to pay the terms.Barbados government does not care about Bajans. That anyone can come here or be here and set up to rake money out of the citizens at such usurious rates and draconian terms is appalling. It’s scandalous. This is sure to have a far-reaching effect later or some time down the road with so many people being laid off simultaneously.Where else are firms allowed to pop up and operate, and no agency or association in place to monitor or control them? Not to mention that all other, reputable, money lending firms have an association or a League and professions have an Association to regulate how their members behave. Who ultimately is benefiting from this callousness? Where are all these supernormal profits going? If the government is collecting taxes on these 30%s and higher why is the country cash strapped?