BCEN calls for policies to be more inclusive

The country’s leading consumer advocacy group says Barbados needs policies that widen financial access and preserve consumer choice, not curtail them.

In her New Year’s message, Executive Chairman of the Barbados Consumer Empowerment Network (BCEN), Maureen Holder contends that regulatory effectiveness is strengthened when enforcement is accompanied by transparency, clarity, and engagement.

“As the country embarks on the next phase of its reform journey, BCEN encourages continued dialogue among government, regulators, financial institutions, and civil society, to ensure that economic stabilisation and modernisation translate into inclusive, people-centered development. The BCEN looks forward to constructive engagement in the year ahead,” Holder said.

While acknowledging the country’s continued efforts to modernise its economy, financial systems, and regulatory framework to align with international standards promoted by institutions such as the Financial Action Task Force (FATF), she had a word of advice for policymakers.

“…Experience teaches that modernisation and regulatory adjustments are not, by themselves, the same as development. Development is ultimately measured by improved livelihoods, broad-based participation, and real gains for households and communities,” Holder contended.

“As reforms widen and deepen; particularly through financial transformation, enhanced compliance, and  regulatory change; it is important that implementation remains risk-based, proportionate, and inclusive, consistent with FATF guidelines and global financial inclusion frameworks.

“Special attention should be paid to preserving access to finance, including giving recognition to the important role of co-operatives/credit unions in supporting community resilience and consumer choice. As compliance and regulatory expectations evolve, it is important that these institutions are supported to adapt in ways that preserve their member-focused mission and accessibility and their unique developmental role,” she further added.

The BCEN head noted that Barbadians continue to navigate cost-of-living pressures and remain concerned about high prices for essential goods and services.

“In this context, strong competition policy, transparent  pricing, and effective consumer protection remain critical complements to macroeconomic reform,” she said.

Holder said affordability and fairness amidst cost-of-living pressures must remain in focus, alongside profit maximisation.

The consumer advocate contends that this can be achieved through greater monitoring, strengthening transparency, accountability, and stakeholder engagement.

“Policymakers must ensure that FATF standards are being applied correctly through a clearly articulated, risk-based and proportionate approach; the kind that supports  inclusive financial transformation,” Holder stressed. (EJ)