Honouring Laws in the Breach

Ryan Straughn

Yesterday the blogmaster allocated some time to listen to Minister Ryan Straughn’s (opening 40 minutes of the video posted) moving the second reading of the Amendment to Financial Service Commission (Amendment) Bill 2022. The purpose of the amendment was to validate a fee regime to support the Financial Services Commission (FSC) being financially self sufficient. The other reason was to address an issue of FSC Board being able to carry out its function if a board member is absent. There can be no disagreement that relevant financial regulation is important to protect citizens and maintain a sound financial environment. Over the years Barbadians have suffered financial loss with the failures of New India, Trade Confirmers and in recent years CLICO. The job to maintain a robust financial framework is never ending.

During Straughn’s contribution to the debate a few random thoughts came to mind:

◦ He spent some time addressing the need of government to respond to the emergence of digital currencies including crypto. The blogmaster wondered about the inadequacy of existing legislation to cater to gullible citizens who engaged in popular Ponzi schemes like Blessing Circles and others. Last year an official of the FTC indicated authorities were working to strengthen existing legislation. We wait.


◦ The release of the 2021 Auditor General (AG) report has again exposed the inadequacy of the oversight framework to address exceptions raised by the AG. It must be said that many of the AG’s findings do not mean money was stolen, it maybe a case of incompetence of personnel and an inefficient systems. The blogmaster recalls Straughn speaking to the 2019 Financial Management Act and how it was intended to demand greater accountability from State Owned Entities (SOE). It is fair to conclude after four years in government the legislation has not delivered what was intended. Concerned citizens should be worried why successive governments have been unable to enforce the intent of legislation on the books.


◦ On the BU platform concerns have been repeatedly posted about unacceptable delays of the National Insurance Scheme (NIS) generating timely audited financial statement AND posting actuarial reviews. The NIS is arguably one of the most important SOEs given its importance to supporting quality of life for citizens in the golden years, a vulnerable time in the life cycle. What use has existing legislation served to ensure a robust oversight framework? Even when there was a duly constituted Public Accounts Committee (PAC) it was ineffective. Today there is no PAC.

The blogmaster recognizes the need to regulate the financial market with fit for purpose laws, however, one is forced to ask – with voluminous existing legislation are we better off for it given the current state of play? The takeaway is that it requires more than laws to create a harmonious and effective market place. We also need improved people management and enforcement of the laws already on the books.

Where do we go from here?

The House of Assembly – Tuesday 19th July 2022

49 comments

  • David

    Isn’t this article basically a sequel to or regurgitation of previous ‘discussions’ about the Auditor General’s 2021 report, 2019 Financial Management Act and the NIS lack of preparing financial statements……

    …… all of which were exhaustively ‘discussed,’ even during the past few days?

    What more, for example, could be ‘said’ about the Auditor General’s 2021 annual report, that wasn’t ‘discussed’ before and will be ‘discussed’ again, when his 2022 annual report is made available to the public?

    Judging by the number of times he has raised the topic, NorthernObserver has to be tired by now, ‘talking’ about National Insurance Department’s audited financial statements.

    Like

  • @Artax

    The blogmaster will continue to post these types of issues which strike at the heart of a flawed governance system. Until we structurally address these matters all the other still commenters rail about daily becomes moot.

    Like

  • David

    ‘Point taken.’

    But, in all seriousness, while we’re ‘redebating’ these issues, we’re being distracted from focusing on issues that are being debated in Parliament, for example.

    The Lands (Vesting and Disposal) Act, which came under heavy criticism by Trevor Prescod.

    And, taking into consideration how consumers are complaining about increases in their electricity bills, we haven’t ‘discussed’ the Electric Light and Power (Amendment) Bill, 2022…… and criticisms it received.

    What about the Financial Services Commission (Amendment) Bill and the Financial Services Commission (Miscellaneous, Provision and Validation) Bill?

    Like

  • @Artax

    Your point is also taken BUT isn’t it six of one half dozen the next. Isn’t there a common theme regardless of the Bill/Resolution being debated?

    The blogmaster’s approach is to pick two or three pillar matters and continue to hammer. The NIS being one of them.

    There is nothing preventing any BU member from gathering their thoughts for posting.

    Like

  • NorthernObserver

    @Artax
    I done with NIS Reports. In fact one esteemed blogger suggested they only capture a point in time. The path to the current destination doesn’t matter, for nobody will be held accountable anyways. The latter was my inference
    To besides, while I always viewed it as a social pillar, one of significance, I am not drawing on it. But it was always very beneficial to my mother, and elder relatives. And a core Barbadian value worth maintaining.
    I don’t even know if NIS payments are inflation/COLA adjusted, but if they are, it’s life span will be shortened, ‘soon from now’.

    Like

  • @NO

    You must discharge your civic duty and fight the good fight even if it seems futile. At worse it it will be cathartic.

    Like

  • William Skinner

    @ NO
    One of the successful strategies of the Duopoly over the years is to create policy in the dark. It’s only in recent times with the advent of social media , that a very limited amount of their collective clandestine operations is being occasionally exposed.
    You note how they “ slip” in legislation and then say it was discussed in parliament.
    In the meantime they have well trained operatives , who attempt to control public discourse because they know the public may not be in the loop.
    These operatives have been comprehensively schooled in the ways of the Duopoly and they are now in all media , both traditional and new , plying their trade with great dexterity.
    They are now declaring all criticism of Mottley an attack or conspiracy theory.
    We underestimate them at our own peril.
    They are skillful political assassins.
    A word to the wise.
    Peace.

    Like

  • WILLIAM
    THEY ARE COPYING WHAT THEY ARE LEARNING FROM THE AMERICANS
    THEY NEED TO SEE , HOWEVER, THAT THE SAME RESULTS SEEN BY SUCH PRACTICES IN THE USA WILL BE REALIZED IN BIM SOONER OR LATER.

    Like

  • @William

    You do realize debate in the Lower and Upper House is televised and save to YouTube and parliament website?

    Like

  • “These operatives have been comprehensively schooled in the ways of the Duopoly and they are now in all media , both traditional and new , plying their trade with great dexterity.”

    Do you realise that robust comments critisicising them are also read and used to spin their arguments.
    People like you are inadvertently helping the two headed duopoly

    Like

  • African Online Publishing Copyright ⓒ 2022. All Rights Reserved

    “They are now declaring all criticism of Mottley an attack or conspiracy theory.
    We underestimate them at our own peril.”

    can’t underestimate the cult….but they are also fooling themselves, because there is so much they are not privy to…they only see the surface and not allowed entry any further.

    AND THEY ARE NOT TRUSTED anywhere, no matter how much they pretend otherwise….

    Like

  • “They are now declaring all criticism of Mottley an attack or conspiracy theory.
    We underestimate them at our own peril.”

    can’t underestimate the cult….but they are also fooling themselves, because there is so much they are not privy >>to…they only see the surface and not allowed entry any further.

    William was speculating
    Waru ran with it as fact

    Raise it up
    But, no one else will get into power if all they can do is criticise Government
    Parties that take over need to be able to offer their own platform and ideas
    Innovation is needed

    Like

  • “WILLIAM
    THEY ARE COPYING WHAT THEY ARE LEARNING FROM THE AMERICANS
    THEY NEED TO SEE , HOWEVER, THAT THE SAME RESULTS SEEN BY SUCH PRACTICES IN THE USA WILL BE REALIZED IN BIM SOONER OR LATER”

    You should have added “this cannot be refuted”. Sometimes it seems like part of a spy novel with a propaganda expert involved. The US will arrest some and coddle some.

    Like

  • African Online Publishing Copyright ⓒ 2022. All Rights Reserved

    “William was speculating
    Waru ran with it as fact”

    William was not speculating….you have to know who you are dealing with, otherwise, what’s the point..

    Like

  • African Online Publishing Copyright ⓒ 2022. All Rights Reserved

    The US is being blamed wrongfully in this instance.

    they are not saints but are not responsible for the voluntary actions of these traitors of their own people by any measure.

    Like

  • “….you have to know who you are dealing with, otherwise, what’s the point..”

    politics is often argued on misinformation and lies especially when appealing to bias
    for example the stories in racial war against blacks jews indians chinese etc is more often than not lies exaggerations and generalisations extrapolations, lies have got legs that can outrun truth

    here is another random example of a good lie
    The Ted Cruz–Zodiac Killer meme is an internet meme which circulated in 2015. A facetious conspiracy theory, the meme suggests that Ted Cruz, a United States senator and 2016 US presidential candidate, is the Zodiac Killer, an unidentified serial killer active in the late 1960s and early 1970s.

    Like

  • WILLIAM
    THEY ARE COPYING WHAT THEY ARE LEARNING FROM THE AMERICANS
    THEY NEED TO SEE , HOWEVER, THAT THE SAME RESULTS SEEN BY SUCH PRACTICES IN THE USA WILL BE REALIZED IN BIM SOONER OR LATER”

    You should have added “this cannot be refuted”. Sometimes it seems like part of a spy novel with a propaganda expert involved. The US will arrest some and coddle some.

    xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

    I AM SURE THAT WILLIAM SKINNER IS LIVING A COMFORTABLE LIFE IN USA THROUGH HIS HARD WORK.

    SAME AS I DID AND MANY OTHERS WITH A POSITIVE FOCUS.

    THOSE OF YOU HYPROCRITES LIVING IN THE US TAKE YOUR BLACK ASSES TO THE 2 X 3 ISLAND PARADISE WHERE YOU BELONG IN THE CESSPOOL INSTEAD OF BEING COWARDS.

    Like

  • African Online Publishing Copyright ⓒ 2022. All Rights Reserved

    The BIGGEST COWARDS ON EARTH…

    all they like to do is GOSSIP ABOUT EACH OTHER’S PERSONAL LIVES, whether it’s true or not, they just add on to make it spicier and run off at the mouth nonstop and ATTACK EACH OTHER CONSTANTLY….that’s their idea of paradise….that’s all they have time for…..to WASTE..

    BU is the best measure for their self-defeating behavior..

    …and never pay attention to what’s going on in the parliament…THAT’S WHY THEY ALWAYS GET ROBBED…by the frauds they elect and their criminal friends…

    been warning them for a long time, i know them better than they know themselves…they will BE SHOCKED at what i know…..

    Like

  • African Online Publishing Copyright ⓒ 2022. All Rights Reserved

    You can ask ALL THE BIG MOUTH ones on here what i asked Cuddear THREE TIMES and NOT ONE OF THEM WILL ANSWER…but they will tell ya all about yaself and give ya a mouth full.

    they don’t ever THINK about their futures or that of their present and future generations,…..just sitting on their asses waiting for some corrupt politicians to tell them the NEXT LIE…and telling ya how SWEET IT SOUNDS..

    or waiting for them to trot out some minority crook to boast about the millions and millions they make off them…and all they get are CRUMBS….and they are quite happy with that…once they can gossip about each other’s business….and fight down each other like crabs..

    Like

  • i know them better than they know themselves…they will BE SHOCKED at what i know…..
    xxxxxxxxx xxxxxxxxx

    Shocked at what you know what.

    You don’t know one shyte bout anonymous people pun an anonymous blog.

    Like

  • William Skinner July 21, 2022 2:29 PM

    RE: “You note how they “slip” in legislation and then say it was discussed in parliament.”

    As the old saying goes, ‘I en now come town.’ I know your comment was a snide reference to me.

    I essentially ‘told’ the blogmaster that, rather than continue ‘discussing’ the same issues, there are OTHER issues worth our attention as well.
    And, I provided the forum with three (3) examples of legislation that were debated in Parliament, which you deliberately described as “slip in.”

    I’ve heard and read complaints from Barbadians about difficulties they may experience relative to their involvement in electricity rate hearings.
    Hence, the reason why I referred to the Electric Light and Power (Amendment) Bill, 2022…… for discussion.

    Let me remind YOU of the following comment YOU posted to another thread:
    William Skinner July 20, 2022 4:42 PM #: “In the meantime we are moving to make it more difficult for citizens to be involved in rate case hearings against entities such as the Light and Power.”

    I remember you responded to a comment I made, by ‘saying’ you ‘left high school over 50 years ago.’
    Sometimes I wonder if you’re still in attendance.

    Like

  • William Skinner

    @ Artax

    Both the Democratic Labour Party and the Barbados Labour Party are known to slip in legislation and then when it comes into the public domain they remind us that it was discussed in parliament. Why do you think that I would be making reference to you. You are not a legislator.
    Read the post again , it was a direct reference to the Duopoly.
    Quite frankly, before you made your comment about “ regurgitating “ topics, I had written that while we were discussing Donville , a bill in parliament was making it more difficult for citizens to be involved in rate hearings concerning entities such as the Barbados Light and Power.
    David responded that the debates are on youtube.
    Man, my post had absolutely no snide remark or anything to do with you.
    Peace.

    Like

  • Barbadians in the majority do not care about governance issues until they believe it will hit close to home. Little do they know that a working governance framework is the key to a functional society.This cannot be refuted.

    We sit back and wait for the two political parties to do what we think they should do, however, when they do not we are not prepared to march/protest/engage in civil disobedience unless the same political party – mainly BLP – connive to mobilize us. We are unable to rely on our sense of civic responsibility. It is why the blogmaster will continue to harp about the vacuum that is created when citizens are happy to cede their responsibility to a political class loyal to an interest other than to the people.

    Like

  • Magnificent a.k.a Magno – Yu Heard Formula: C₂₁H₃₀O₂ IUPAC ID: (−)-(6aR,10aR)-6,6,9-trimethyl- 3-pentyl-6a,7,8,10a-tetrahydro- 6H-benzo[c]chromen-1-ol

    The belligerent Art of mumbling and grumbling is well strong on the Bu.
    The so called self labelled radicals are more drama queens with handbags than freedom fighters.
    I guess this is a reflection of what the people of Barbados truly are like.

    Shake (Mix Cut)

    Zula (Mix Cut)

    Like

  • “This cannot be refuted.”

    This statement should be banned as it only invites a refutation and assassination of the character of the speaker.
    People are dragged into the Babylon shitstem which is fixed and find it near impossible to get out when captured,
    why should they waste time in the corruption bad company

    Banging Ear Drums (Mix Cut)

    Like

  • Refute this
    I dare you

    What I Think (Yamen & Eda Remix) (Mix Cut)

    Mermaid of Salinas (Michel Cleis Isla Dub) (Mix Cut)

    Like

  • Dub It Scrub It Flash It Wash It Cook It Carrot Turnip Lettuce We Nice Vegetable On The Table
    Mermaid Of Salinas
    Mermaid Of Salinas Dubb

    Like

  • It seems that the Bajan African Spirit is unleashed during something called a Crop Over where the drums take over

    Banging Ear Drums
    Reboot

    Zula
    Talismann

    Like

  • NorthernObserver

    @WS
    As far as ‘legislation’ is concerned, I think it’s generally above board. Personally I dislike the changes to existing legislation, solely because it says section 3.1 will be deleted and replaced by……but one has to search to find the original 3.1!!
    While @David notes discussion in the Houses are digitally stored, for example, I tried endlessly to find where CBL was discussed and voted on. Was this done in Cabinet or in the House?
    You coined the duopoly and are correct, they are like TweedleDem and TweedleBee. Yet this isn’t totally unusual, esp under a Westminster model.
    Policy is a whole other story?
    The Barbadian economy of the past 15 years is funded by Debt. Not sugar, not tourism, not Intl business, but Debt. Debt is the wonderful variable to make up when other sectors fail to deliver ‘as forecasted’. And it is now ‘how we back here again’.
    Hence the true policy is, find new, less expensive forms of money to fund our annual deficit. The new tactic seems to be, make others ‘feel’ responsible for the island’s financial conundrum. Whether that is climate change, or slavery reparations, or their own policies being discriminatory, doesn’t matter, once it produces money.
    If the debt dries up, the house of cards is exposed.

    Like

  • @NO

    In the same way the PM and government are trying to convince the public the latest effort to reduce prices on a basket of goods is about hearing the cry of the people. Why does this and previous governments not responded to concerns about the NIS?

    This is how citizens allow themselves to be manipulated with emotional jerking by politicians.

    Liked by 1 person

  • The people of Barbados may be well versed with skills and experience in the financial sector services industry, but the irony is the country does not have sufficient funds for wealth management considerations so it is just another abstract thought exercise in theory for discussion on blogs to see who is the best retired subject matter expert around.

    The two headed beast of the Duopoly is alleged to be joined at the hips but it does not seem that way when you perform a realty check, as one head is making a lot of grumbling and rumbling noises to build up a reputation after a couple of colossal electoral defeats in a row, and the other head is totally oblivious and treats him like a little pimple on her backside.

    It is mind numbing to observe the opposition try to raise the dead

    Cold Water

    Cold Water (Substance Version)

    Like

  • William Skinner

    @ NO
    Well said. I am still of the firm belief that the enlightened leadership we need will not be found in either the Dees or Bees.
    As a Barbadian, I like many others, want to see that leadership but it’s just the same old, same old.
    Perhaps, after a while , one just sits back, enjoy the endless back and forth and conclude that for every step we seem to make forward, we almost delight in taking two steps backward.
    Keep up the good work.
    Peace.

    Like

  • The enlightened leadership you talk about comes from the people. It is up to the people/citizens to disrupt the status quo. The DLP and BLO are organizations made up of Barbadians. Until Barbadians decide they prefer a different path then we have to be satisfied with the consequences.

    Like

  • African Online Publishing Copyright ⓒ 2022. All Rights Reserved

    “Well said. I am still of the firm belief that the enlightened leadership we need will not be found in either the Dees or Bees”

    they will ALWAYS be employees of the WEF….so you are SCREWED either way…..ya on ya own…always have been..

    look to ANCESTRAL GUIDANCE…not to stinking sellout politicians…

    Like

  • A political party is anchored to a philosophy of its leader and an ethos developed over time regarding how it does it business, its culture. Until an alternative emerges which captures the interest of an apathetic public we have to make the best of it by continuing to struggle with existing. The blogmaster as Dullard alludes on the other blog sees that this is a challenge for global societies. Will it collapse? Time will tell although manmade constructs tend to change over time as decadence and other factors set in.

    Here is what we know, we should never doubt the ingenuity of mankind to reinvent and to survive. There is always a tipping point that is within our sights to trigger the change we hope for.

    Like

  • “Will it collapse? Time will tell although manmade constructs tend to change over time as decadence and other factors set in.
    Here is what we know, we should never doubt the ingenuity of mankind to reinvent and to survive. There is always a tipping point that is within our sights to trigger the change we hope for.”

    My advice is to remain Grounded in reality and then dream of better things

    Grounded (Mix Cut)

    Grounded

    Like

  • Chasing a Dream

    Grounded (Jerome Chaser Dub)

    Grounded (Jerome Vice Dub)

    Like

  • I have been enlightening people here but they truly suffer from cognitive dissonance
    sometimes you just have to let it go it looks like another little TKO
    a technical knockout in the competition of the mind
    Punching Above Weight in Barbados Silly Cliché
    Heavyweight versus Lightweight
    a phrase or opinion that is overused and betrays a lack of original thought.

    a stereotype or electrotype.
    

    cognitive dissonance noun
    the state of having inconsistent thoughts, beliefs, or attitudes, especially as relating to behavioural decisions and attitude change.

    Cognitive Dissonance

    Cognitive Dissonance (Miki Craven Remix)

    Like

  • African Online Publishing Copyright ⓒ 2022. All Rights Reserved

    They can fantasize as much as they want William….there are those of us who have THE WHOLE STORY…

    apparently the same crook from a couple months ago, claims he is coming up with a reparations plan….a rat smelling…because UK specifically said what was really happening..

    personally…..I DON’T BELIEVE THEY SHOULD GET A DIME….based on what i know….

    yes, multiple crimes were committed over many centuries, yes the debt is historical and not just 500 years old….

    but…there was so much duplicity and collusion ….they should not BEAR THE DEBT ALONE…even though what occurred is totally inexcusable, unjustifiable, no matter HOW we cut it…etc…but…there are other ways, which i will distill in my forum moving forward…

    these tiefing little politicians….are exactly that…and TRAITORS TOO…that’s all they have ever been and know….and should NEVER TOUCH A DIME of any type of reparations in our ancestors or our names…should not manage, direct or involve their criminal selves in anything to do with that UNLESS they can CLAW BACK and PRESENT the multiple BILLIONS OF DOLLARS, ESTATES and BANK ACCOUNTS STOLEN FROM THE PEOPLE over the last 100 YEARS……which we know they CAN’T..

    Like

  • Talismann Versus Cowboy Rhythm

    Zula

    Shake

    Like

  • NAARC

    The National African American Reparations Commission (NAARC); United in a common commitment to fight for reparatory justice & restoration of African American communities.

    https://reparationscomm.org/reparations-plan/

    Like

  • Consciousness
    Enlightenment
    Awakening
    People are warming up to how the African flex

    Trybal Dub

    Trybal Beat

    Like

  • NorthernObserver

    “Emotional jerking”, will have to remember that one 😂😂

    Like

  • NorthernObserver

    “Why does this and previous governments not responded to concerns about the NIS?”
    Simple.
    What concerns? Once people receive their $$$ on a reasonably timely basis, all is good 👍.
    Do NOT talk about something you don’t wish to answer questions on?
    At either the first or second Annual B conference after May ’18, now Minister Gooding Edgehill was then chair of the TB and the NIS. When being announced to speak, the MC made it clear that NO QUESTIONS would be taken about the NIS.
    They get a new Chair, he initially breaks out in verbosity about that “value” of the NIS investments, and after not one Shiite. He was muzzled quickly.
    Nobody ‘wants’ to address the NIS. What are they to say?
    “The NIS has the most diversified Bond portfolio in Barbados to continue to meet the social needs of Barbadians.
    We now know why CS and RS never said ‘boo’ about CBL other than the update which never came ‘would be forthcoming’.
    Never open the lid on sumting which might get way.

    Like

  • African Online Publishing Copyright ⓒ 2022. All Rights Reserved

    you see this, he should NEVER be able to do this, but they are ALL SO CORRUPT…that they put systems in place to allow it to happen…criminals have always crawled into the various houses of assembly and get cover for their crimes..

    “There have been calls, by local BVI media, for the arrested former Premier, Andrew Fahie, to resign from the British Territory’s Parliament, the House of Assembly. Fahie, who is confined to his daughters’ residence in Miami, with a tracking device, pending his trial, which has now been rescheduled to January, is unable to attend HOA meetings, which is violation of regulations, and a cause for removal.

    Fahie, who is reportedly still drawing his significant salary whilst under house arrest, has been silent. No BVI leader is willing to go on the record to call for his resignation; those leaders queried are said to have ducked the issue, but Fahie’s constituents are suffering his lack of attendance and support. The new Premier, the Governor, and the HOA leader have all declined to condemn Fahie. His money laundering and drug trafficking charges, which could result in essentially a life sentence, appear to be too much of a political hot potato for local leaders to handle. Whether they fear he might turn to politics, and wreak revenge upon them on the future we cannot say, but the silence from leaders there is deafening.

    We are closely monitoring unfolding events in US District Court in Miami, as further indictments are expected by court watchers.”

    Like

  • Some stories contain phrases that sound good, but if one thinks deeply about them, they may be nothing more than a word salad.

    “but Fahie’s constituents are suffering his lack of attendance and support.”

    I doubt his presence/ absence makes a difference at that level of detail

    Negative Noah

    Like

  • The deluded still delusional. Enjoy Saarduh y’all.🤣🤣

    Like

  • African Online Publishing Copyright ⓒ 2022. All Rights Reserved

    Judas governements, but that’s what they like..,,selling out the Afrikan’s population right to GENERATIONAL WEALTH…as usual….

    https://barbadostoday.bb/2022/07/23/unfair-and-egregious-amendment/

    “This is ridiculous. Not only is it ridiculous, it is unlawful. The law contemplates that where you are having a consultative process, the parties to that process must have access to the information that is under review, so there is not a case where the person who is making the decision saying ‘I have the information so the rest of you not needed’. That is not the way that it works in law. So that provision in itself is unlawful,” insisted Watson.

    Like

  • African Online Publishing Copyright ⓒ 2022. All Rights Reserved

    William…the whole truth is OUT re the local WEF employees…..so who is surprised……..

    now we separate the wheat from the chaff…..lawd

    Like

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