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Consultations for credit union movement to begin next week
Long-awaited consultations on new legislative safeguards to regulate the credit union movement will begin next week. Minister in the Ministry of Labour Rudranath Indarsingh assured that consultations with stakeholders on the legislative reforms will begin at the “end of this month.” Indarsingh was speaking at the formal launch of SECU Credit Union’s new logo and Junior Executive Programme at the credit union’s Southern Main Road, California headquarters, yesterday. He said the new legislative regulations are aimed at preventing a repeat of the financial meltdowns at CL Financial and Hindu Credit Union. “We would want to ensure that the legislation that we have will protect the ordinary persons who continue to invest in credit union and financial institutions and also to ensure that the governance issues are dealt with. I am sure from a Government point of view, we would not want to be faced in this country again with a Hindu Credit Union Co-operative Society or a CL Financial debacle,” Indarsingh said. He said the consultations will engage stakeholders related to the credit union movement. Indarsingh said having confidence in a properly regulated financial system is critical investor stability.
The Minister challenged SECU executives to be “vigilant” and engage in self-examination of programmes and policies to ensure that “what prevailed in our financial system does not occur in our society again.” This, he said, will ensure ordinary investors “will continue to have faith and confidence, not only in the credit union movement also in the financial system in our country.” SECU General Manager Theophilus Alfred assured the Minister that the credit union is committed to financial vigilance and continued growth. Indarsingh commended the credit union for its foresight in succession planning through its Junior Executives Programme. The programme is a youth apprenticeship opportunity for junior members between 18 and 25 to hold posts similar to those within the organisation and offers corporate leadership training.
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