It appears from the minister responsible major charges are coming at the Fair Trading Commission (FTC). The changes coincide with the expired 3-year contract of CEO Dr. Marsha Atherley-Ikechi. It is fair to say under her tenure the FTC’s role significantly diminished – mainly as a result of its lack of success to close the Barbados Light and Power rate hearing matter which has been ongoing for close to 4 years. The FTC as the watchdog agency charged to protect consumers and enforce utility regulations in Barbados has struggled to enforce its mandate in the opinion of the blogmaster.
A few of the changes announced recently by Minister Lisa Cummins in parliament piqued the interest of BU.
Leadership Transition
The appointment of a new Chief Executive Officer, attorney Brian Reece will assume office on April 1. Minister Cummins was heard in parliament boasting of his unique qualifications and skillset.Her boast was not dissimilar to when Dr Jens Thraenhart was appointed as CEO of the BTMI in 2021 and abruptly had his contract terminated. We wish Brian Reece every success.
Structural Expansion
The FTC will undergo a structural change to enhance its oversight functions i.e. hiring additional personnel and increasing financial resources to ensure effective enforcement of regulation. Repeated feedback from the FTC is that is has been understaffed, limiting its ability to respond efficiently to consumer complaints and industry developments. Although good news that the HR will be boosted, one may question why the FTC received priority above the Auditor General’s Office?
Enhanced Collaboration with Regulatory Bodies
Too many words were used to describe how the proposed changes at the FTC intend to improve cross collaboration with stakeholders. Of interest to the blogmaster is how the proposed changes are meant to improve Barbados transition to a renewable energy sector (RE). After much fanfare in the last decade, RE penetration has screeched to a halt mainly due to the lack of battery storage capacity. The inability to implement has meant consumers, as usual, have been ‘shafted’ by not benefitting from energy savings and the concomitant negative effect to the cost of living in Barbados. This is where material benefit can be accrued for the consumer instead of the usual old chatter about markups on imported goods.
Conclusion
The proposed reform for the FTC is welcomed and the blogmaster extends best wishes on a successful implementation. There is little doubt the FTC and other regulators for that matter have been ineffective delivering value to its constituents in Barbados. The FTC has permitted the various actors in the Barbados space to collude on pricing therefore compromising its mandate to effectively manage fair competition in the market place.
As usual there is the rhetorical, who is the biggest loser?
The blogmaster invites you to join and add value to the discussion.