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IMF report gives warning and suggestion to refund insurance company clients

Providenciales, 23 Oct 2015 – The International Monetary Fund has advised the Financial Services Commission to keep an eye on one local bank, saying they are dissatisfied with how that bank has issued loans in the past.

The IMF report said “weak governance in one large bank is an important vulnerability, so the FSC should remain vigilant.”

The information emerges from a report by the IMF while in country this past April, and while the caution sounds foreboding the IMF reassures residents that there is no threat to depositors’ funds.

It is just one of the many recommendations in 46 page report by the IMF where it is also suggested that the Government, “consider providing financial support to policy holders of the recently failed life insurer in order to protect the credibility of life insurance for long-term savings.”

Over 2,600 policy holders held accounts with British Atlantic Financial Services Ltd, BAFSL when the company was liquidated earlier this year. The Premier had promised help, but insurers received only pennies on the dollar after the liquidation and decades of saving with the company.

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