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The Nationalist Patriotic Movement (NPM) is calling on the authorities to put the brakes on the Financial Services Commission in what it described as the commission's crusade to stir up panic in the financial market.
President of the NPM, Royland Williams accused the FSC of being reckless in the stance it has taken regarding alternative investment schemes such as Cash Plus Limited.
"Financial institutions by their very nature are very sensitive and if you want to regulate them you really need to use the proper legal channels rather than using the media to create hysteria and may defeat the very purpose you are trying to control in the long run," said Mr. Williams.
"The very foundation of these institutions in that you must have confidence in them and if the public is convinced not to have confidence in them then they are going to crash and who is going to take responsibility, it is just not fair,"
Mr. Williams added that the FSC's posturing is especially puzzling as it has not been determined with any certainty that the alternative investment schemes fall within its jurisdiction.
In addition, he questioned the motive behind the commission's sudden interest in the operations of the investment schemes, some of which have been operating for over five years.
"And if the FSC has not saw it fit to regulate them all this time and just recently they have discovered that they cannot be controlled, where is the law in all of this, where is the courts in all of this?"
"If you have a problem with this situation, use the legal methods that are available. If you are not approaching the job in the way that is right and legal and correct then obviously you are either incapable of doing your job or you don't understand the environment in which you're operating in and should just resign," he continued.
President of the NPM, Royland Williams accused the FSC of being reckless in the stance it has taken regarding alternative investment schemes such as Cash Plus Limited.
"Financial institutions by their very nature are very sensitive and if you want to regulate them you really need to use the proper legal channels rather than using the media to create hysteria and may defeat the very purpose you are trying to control in the long run," said Mr. Williams.
"The very foundation of these institutions in that you must have confidence in them and if the public is convinced not to have confidence in them then they are going to crash and who is going to take responsibility, it is just not fair,"
Mr. Williams added that the FSC's posturing is especially puzzling as it has not been determined with any certainty that the alternative investment schemes fall within its jurisdiction.
In addition, he questioned the motive behind the commission's sudden interest in the operations of the investment schemes, some of which have been operating for over five years.
"And if the FSC has not saw it fit to regulate them all this time and just recently they have discovered that they cannot be controlled, where is the law in all of this, where is the courts in all of this?"
"If you have a problem with this situation, use the legal methods that are available. If you are not approaching the job in the way that is right and legal and correct then obviously you are either incapable of doing your job or you don't understand the environment in which you're operating in and should just resign," he continued.