PM Browne can’t interfere with FSRC’s fiduciary responsibilities.

The Financial Services Regulatory Commission (FSRC), which has found itself at the center of several debacles in recent times, is currently investigating issues related to the Global Bank of Commerce and one of its depositors, Jack Stroll. So says Prime Minister Gaston Browne.

The bank has been facing difficulties in meeting some of its financial obligations lately, which has led to the matter being taken to court.

Browne, who is also the country’s prime minister informed the House of Representatives that the FSRC is the legal regulator of the banking sector in the country and is responsible for reviewing banking institutions operating in the country.

As such, he said he cannot interfere with the FSRC’s fiduciary responsibilities to the bank and its clients.

There has been a growing outcry from local residents for the Financial Services Regulatory Commission (FSRC) to break its silence on issues where it has failed to take action against banks that appear to be facing financial difficulties.

Along with this, several opposition groups have been demanding the immediate removal of the FSRC’s board, accusing them of incompetence and dereliction of their duties.

PM Browne said in Parliament that the Citizenship by Investment Programme (CIP) had previously deposited funds at Global Bank, but it no longer uses the bank to process funds from its operations.

The prime minister also acknowledged an outstanding issue where a benefactor, Steve Morgan, had deposited US$1 million into an account at GBC earmarked for Barbuda relief following the passage of Hurricane Irma. However, the money remains in the bank due to corresponding banking and other difficulties currently being faced by the bank.

Efforts to retrieve the money have been futile, and apart from the Morgan Trust Fund amounts, there are no other monies allocated for Barbuda relief that are stuck in the bank.

The prime minister has personally met with Mr. Morgan in an attempt to resolve the matter, but the arrangements fell apart later. Both the financial secretary and the prime minister have been in contact with Morgan on several occasions regarding the matter.