Providenciales, 08 Jul 2015 – Payments to British Atlantic Financial Services policy holders started last week and one report to Magnetic Media is that the customer in question received 25% of the cash value of their life insurance plan.
It means the liquidation process is done and that, the forecast that the losses would be huge, by the Managing Director of the Financial Services Commission, Kevin Higgins was on point.
BAFSL gave a vigorous fight in order to salvage the company, but Higgins told media: “Unfortunately because US interest rates went down so low the company was not able to meet the guaranteed interest rate given to policy holders.”
It was said BAFSL was 6.2 million dollars in the red and at one point the PNP Administration had weighed in; asking for some leniency and proposing to bail out the indigenous company which was owned by the Methodist Church.
Notices went out on Monday and policy holders have been streaming in to collect what is left of their savings after a liquidation process by PriceWaterhouseCoopers.
We expect to have more on this in another newscast.