Credit union league calls for FSU Director

Dalrymple is concerned over the absence of an FSU Director
Dalrymple is concerned over the absence of an FSU Director

Manager of the Dominica Cooperative Societies League Ltd (DCSCL) Aaron Dalrymple is calling on the government to adhere to the Financial Services Unit Act (FSU) and appoint a Director.

There has been no FSU director since May 2013 when the contract of Al Monel, the past person who held that post, was not renewed.

Section 5 of the Financial Services Unit Act 18 of 2008 makes it mandatory that an FSU Director be appointed.

“The Minister shall appoint a Director of the Unit who shall be responsible for the administration of this Act,” the Act reads.

“The movement on a whole cannot do without the Financial Service Unit, that position is a very important one,” Dalrymple said. “According to the Act, the Director has and is responsible for cancelling and issuing the registration of certificates of co-operatives.”

He gave an example of how important it is to have an FSU director in place.

“Recently we had the amalgamation of two Credit Unions, Marigot and Calibishie, where the assets and liabilities of Calibishie were taken over by Marigot and them becoming one entity,” he stated. “Now, the registration of Calibishie and Marigot had to be cancelled because it had to be done by the Director of the FSU …. its 15 months now and we are without a Director of FSU in Dominica.”

He noted that the absence of a FSU director hinders the activities of a the Credit Union.

“We also note that there are many requests made to the FSU, especially as it relates to the Co-operative Societies Act,” Dalryimple said. “In fact I can tell you that we have about 38 issues as it relates to that Act and in our last meeting with the Director of the FSU 18 months ago, he told us that this issue was placed on the back burner.”

He stated the Credit Union is very concerned about the matter.

“We are really concerned because we note that changes cannot be done without the FSU,” he stated. “We have had several discussions with Claudius Lestrade, who is a senior staff at the FSU, but nothing can be done without a Director of the FSU. The Financial Secretary, we are told, is overseeing the department but we are still in limbo. We have the numbers over 60,000 strong, we don’t want to force people to act but we can do.”

Dalrymple said the League intend to write to the government to express concerns.

“We intend to write to them again on the matter and while inspections are taking place, the cancelation of certificates and reissuing are of major concerns to us as amalgamation is now the order of the day,” he noted.

The FSU Act makes no provisions for a deputy in the absence of a Director.

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6 Comments

  1. # Dominican.#
    August 31, 2014

    We coming closer to a take over of our one remaining Co–operatives as we know it. but that seems to be in trouble and will soon come into focus. Mark my words”. When the robber was ask ” why do you rob banks”. he replied cause that’s where the money is”. I have a strange feeling. should I run and withdraw my money from the credit union? any advise I`m afraid and do not want to regret it.

  2. August 30, 2014

    what a travesty if things like this can happen in this country then it speaks volumes about what manner of people we are . I think that we dominicans are too passive to a fault.

  3. islandgal
    August 29, 2014

    My handsome bro

  4. No Law, No .........
    August 29, 2014

    Why a director of FSU to regulate financies? Mioney-laundering, bobols, kick-backs, secret deals, secret passport sales, corruption in toto should not be monitored. Some benifit Big Time, even when FSU had director.

    But isn’t the Financial Secretay aware of the Financial Services Unit Act 18 of 2008?

    Isn’t the FS aware that she is aiding and abetting the disregard for the Law by the inefficient Minister of Finance,re. appointment of a Director of the FSU.

    Because she must have known that in the absent of a Director, the Cooperative and the Credit Union Movements hinders their work and forward movement? Who is advising Skerritt re. Financial matters? Many will find themselves in hot-water,as they try to gain sympathy with “those in power.”

    Again how often the Constitution and Laws of the Land are swept under the carpet by those “in power”

    Instead of strengthening FSU, allowing it to have teeth and to ensure proper financial regulation, to avoid corruption by a few, see the incompetence.

  5. labar dabar
    August 29, 2014

    well look dabar.

  6. Lang Mama
    August 29, 2014

    May I suggest a doctrine of necessity. Calling the Attorney General.
    If not Senior Counsel Lang Mama will file for an expedited judicial review better known as the Easy Door exit procedure for slush fund affairs.
    Senior Counsel Lang Mama can hold down the fort while team Dominica has the useless administration CA Fen bagaille tous PA tous.
    Twais yo si yo pa bon..

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