BUSINESS MONDAY: Credit union urged to set the tone for sector's future

KESTER Guy, the CEO of the Financial Services Commission (FSC) in Barbados, has highlighted the growth and development of the Barbados Public Workers' Co-operative Credit Union Limited (BPWCCUL).

With well over 100,000 members, the BPWCCUL is the largest of its kind in Barbados and the Caribbean and has assets in excess of $1.7 billion.

Commenting on the 50th anniversary of the BPWCCUL, Guy acknowledges that the organisation had done well and that they expect continuing expansion and greater things from it going forward. 

"Congratulations on reaching this halfway mark," he told members who attended a recent 50th anniversary function at the Hilton, Barbados. 

He has suggested that as the BPWCCUL con-tinued its growth, "you should benchmark yourself against the best global practices and ensure the safety and soundness of your members' assets".

The CEO said that the FSC, which is one of the regulators of the financial sector including credit unions in Barbados, expects that as the largest credit union, it will be charged with the responsibility of providing more of the good services it already renders to members.

"You will have to continue to set the tone for the future of the sector and grasp the magnitude of this responsibility," he advised. 

Guy said further that all of the credit union's internal controls and policies, as well as activities and management must match the organisation's size and complexity and must be consistent with the growth in all the areas.

He believed that this should be done not just to meet the regulatory requirements, but to gain the confidence of your members. 

According to him, "Credibility should always be a major factor in your deliberations in much the same way as helping to build the confidence in the financial system in this country."

He urged the credit union officials also that going forward they must never forget its guiding principles.