The Ongoing Saga of British Atlantic Financial Services Ltd

Providenciales, 31 Oct 2014 – The big question now in the ongoing saga of British Atlantic Financial Services Ltd is whether government will and can bail out the company which is reportedly $6.2 million in the red. QUOTE. The Premier earlier today aired his government’s position live on national radio and to media in a press conference… he conducted that press conference alone; MM was told that Finance Minister Washington Misick with responsibility for these matters, was already scheduled to be in Grand Turk and could not make the emergency briefing.

Media questions were centered on whether the Financial Services Commission was carrying BAFSL too hard… the Premier agreed that the reputation of the FSC is to “rule with an iron fist” but he admonished the Financial Services Commission and the Court to give deep consideration to the process and potential of this home grown company, which if decided should be liquidated, will see over 20 years of savings and investment down the drain.

There are said to be over 2,600 customers at BAFSL and Opposition Leader, Sharlene Robinson yesterday took the lead in standing to say the institution which once served as a savior to British Atlantic clients when it collapsed in 2008 must now be saved… Hon Robinson called the Premier who said he will be meeting with the official opposition and she wrote the Governor on the matter saying this in a press release: “With the information released yesterday by Managing Director of BAFSL, it appeared that the FSC did not allow the business to grow and create new sources of revenue which would have improved its financial footing and create a path to solvency.”

As for whether this situation will be any different than that of TCI bank, where despite seemingly valiant attempts to save the bank and depositors’ millions, the FSC was charged with moving too quickly to cause the closure… the Premier said his government cannot dictate, but is asking for considerateness. QUOTE. On Monday meetings with clients of BAFSL begin at the Regent Palms… the Premier encouraged residents to go.

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