An Open Letter to Sharda Bollers/FSA
Dear Mrs Bollers,
After the recent financial fiasco with St Vincent Building and Loan Association, and the uncovering of the inner workings of the Association, many persons have tried to withdraw their financial belongings. And rightly so. People have learned hard lessons from the now defunct British American and CLICO.
The operating practices of âBuilding and Loanâ call the issue of ethics into question.
For one, the withdrawing of monies from membersâ savings account to convert them to a certain amount of shares.
Also, the Association has not in all cases notified members of this transaction, nor even given members a chance and choice to agree or not to this action.
Further, persons who have withdrawn their membership, or wish to do so, and who have asked for the return of their shares are told that it is not the policy of the Association to return oneâs monies, which they claim can only be transferred to an existing account or whomever one wishes.
The dilemma exists where one has to now go in search of persons who are in the Association and who are willing to transact business with you in a case of swapping shares for the equivalent cash sum.
If you canât find such a person, or you are not able to give away your hard-earned shares, it means that your shares will stay in the Association, for however long, and ultimately will be of no use to you.
I have heard persons of all classes of society bewail the said policies of the Association, especially those who are financially challenged in these harsh economic times.
I am therefore calling on the Financial Services Authority to step in at once and address these vexing issues, in keeping with the exercise of its mandate and the judicious rule of financial decency.
Mr Vincentian Citizen
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