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Deputy Speaker says FSC given too much power in new Trust legislation

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Providenciales, 26 Jan 2016 – A strong caution came during House of Assembly debate yesterday from Opposition At Large Member, Hon Josephine Connolly during that first reading of the Trust Companies Licensing and Supervision Bill, 2015.

Hon Connolly reminded the House Speaker that the Premier had promised that the financial services industry would not be tampered with in a way that it gives the FSC unchecked power to alter regulations.

“Mr. Speaker I seem to remember the Honorable Premier stating at a previous meeting that we cannot put the finance industry in a position that when they wake up in the morning fees or regulatory amounts have been changed. Well, Mr. Speaker, it seems to me that “at any time” certainly includes first thing in the morning.”

The legislation is proposing, according to Deputy House Speaker Connolly, who is also a businesswoman that the FSC would have the policy power to boss around the commercial sector if it wanted to.

“I could describe this ordinance, somewhat tongue in cheek, as a stealthy, non violent coup d’état!

Hon Connolly pointed to Section 15 of the bill. “Section 15, page 15, entitled “Maintenance of Paid Up Capital”. Initially in part (a) the reader is directed towards the code………. an amount certain. But Mr. Speaker the story does not end there. Part (b) says the FSC can increase the share capital requirement …..and I quote “at any time”.

Connolly went on to draw reference to other areas of the proposed ordinance that gives the Financial Services Commission the power to change fees sporadically, citing also that the ‘code’ is mentioned 57 times in the bill.

Her recommendation to avoid, what she called ‘the absolute discretionary power of the FSC’ was for the Attorney General to explain and revamp.

She closed with some statistics to the Speaker; one that the FSC has grown in staff size by 400% between 2003 to 2015 but that Trust companies have fled this jurisdiction; a decrease from 20 to 11 between 2008 and 2015, according to the recent IMF report.

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Health

COVID + Kids, What to watch for 

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Dana Malcolm

Staff Writer 

 

September 29, 2023 – COVID-19 is no longer a Public Health Emergency of International Concern, but the disease is still present and can still affect the population including children.

Cough fever and difficulty breathing are only some of the symptoms that young children and babies might experience when infected with the viral illness, according to a report from Johns Hopkins Medicine.

Other symptoms include muscle or body aches; sore throat; loss of taste or smell; diarrhea; headache; fatigue; nausea or vomiting; congestion or runny nose.

Children may not be eloquent enough to properly convey their illness so parents are advised to pay close attention to their complaints and visible symptoms.

Though COVID-19 can be a mild disease for most, there are some cases that warrant immediate emergency medical attention the hospital says. These include:

  • Difficulty breathing or catching his or her breath
  • Inability to keep down any liquids
  • confusion or inability to awaken
  • Bluish lips

Both COVID and the flu tend to spike during the winter flu season so parents are advised to take precautions against them including mask wearing in high risk areas and frequent hand washing.

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Health

New report reveals stunning Blood Pressure statistics

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Dana Malcolm

Staff Writer 

 

 

#TurksandCaicos, September 29, 2023 – Hypertension affects 1 in 3 adults worldwide, and if countries do not scale up coverage tens of millions of people will die.  That’s according to a first-of-its-kind report on the global effects of hypertension from the World Health Organization.

The September 19th report indicated that the number of people living with hypertension has doubled in less than 30 years, between 1990 and 2019, from 650 million to 1.3 billion and nearly half of the affected are unaware.

The WHO is now calling on all countries including the Turks and Caicos to invest in the prevention, detection and management of hypertension as a matter of urgency.

The organization crunched the numbers to show countries what more focused programs could do.

“An increase in the number of patients effectively treated for hypertension to levels observed in high-performing countries could prevent 76 million deaths, 120 million strokes, 79 million heart attacks, and 17 million cases of heart failure between now and 2050,” it said.

Along with saving lives, the WHO says it can also decrease spending on health.  Health is usually the largest portion of the TCI budget.  The cost of preventing and managing the disease versus treating its effects is massive.

“The prevention, early detection and effective management of hypertension are among the most cost-effective interventions in health care and should be prioritized by countries as part of their national health benefit package offered at a primary care level.  The economic benefits of improved hypertension treatment programs outweigh the costs by about 18 to 1.”

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Dominican poachers caught

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#TurksandCaicos, September 29, 2023 – Several Dominican fishermen were caught in the midst of poaching from the Turks and Caicos waters last week.

A report from the Fisheries and Maritime Department and Marine Police, indicated the illegal fishermen were spotted in the vicinity of Bush Cay on September 18th.  The men were arrested and around six bags of fish recovered.

“We will not tolerate illegal fishing activities that threaten the delicate balance of our marine environment and the livelihoods of our people,” says Josephine Connolly, Minister with responsibility for Fisheries and Resources.

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