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www.fptci.com _____________________________________________________________________________________________________________ April 26, 2012<br />

f ▶ 05<br />

The Providenciales Chamber<br />

of Commerce has increased its<br />

efforts as a result of the organization’s<br />

mounting concerns<br />

about the impact of new government<br />

policies on the business<br />

community and other negative<br />

factors impacting local commerce.<br />

These include regular meetings<br />

with the country’s Chief Financial<br />

Officer Hugh McGarel-<br />

Groves that members have<br />

found beneficial and whose suggestions<br />

have been taken into<br />

account.<br />

“It is vital that we ensure the<br />

business community is not overlooked<br />

and while we have had to<br />

fight for some of the face-time<br />

we are getting with certain in<br />

country and visiting groups, our<br />

membership can rest assured<br />

that The Chamber is not resting<br />

on its laurels,” explained Chamber<br />

President Tina Fenimore.<br />

“The sweeping changes in<br />

some 50 ordinances demand<br />

vigorous attention; and we<br />

have been giving them just that<br />

with our Executive team meeting<br />

more frequently and going<br />

above and beyond what has been<br />

required in previous years.”<br />

Among the extra activities of<br />

the Provo Chamber has been the<br />

preparation of several positions<br />

papers, but much more has been<br />

underway.<br />

“Over the next few days, weeks<br />

and months the public will be<br />

excited at the ‘coming out’ of<br />

our behind the scenes work and<br />

what it means for business development<br />

and its future in the<br />

islands,” Fenimore said.<br />

The chamber plans to be<br />

heard more regularly on radio,<br />

seen more regularly on television,<br />

appear more regularly in<br />

print and continue to build its<br />

online presence. It has a Face-<br />

book page and is working on revamping<br />

its website platform to<br />

be even more interactive.<br />

“Additionally, I am working<br />

with our secretary and administrator<br />

at the Provo Chamber<br />

to launch an e-newsletter where<br />

the work of the Chamber can<br />

be more regularly accessed and<br />

assessed by our members and<br />

the public,” Fenimore said.<br />

LocaL<br />

FSC action plan proposes<br />

deposit insurance ordinance FortisTCI and AEP Limited<br />

The Financial Services Commission has published<br />

a five-year plan that proposes improvement<br />

to its role of supervising insurance, securities,<br />

trusts and banks, including a deposit<br />

insurance ordinance.<br />

No details of the deposit insurance ordinance<br />

are included in the plan.<br />

The lack of deposit insurance caused most depositors<br />

in the Turk and Caicos Islands Bank Ltd.<br />

to lose nearly all of their money when the local<br />

institution was closed in April 20<strong>10</strong> by the FSC.<br />

Liquidation is still ongoing, but customers hold<br />

little hope of recovering most of their losses.<br />

An FSC report said the bank’s senior management<br />

caused the small indigenous bank to fail,<br />

but the FSC should have stepped in sooner to correct<br />

years of persistent problems.<br />

That report, plus recent reviews by the International<br />

Monetary Fund, the Toronto Centre<br />

and the Caribbean Financial Action Task Force,<br />

pointed out shortcomings of the FSC and what<br />

was needed to solve problems and meet international<br />

standards. A draft plan including those<br />

recommendations was presented Feb. 17 to<br />

stakeholders including the Bankers Association,<br />

Association of Licensed Trustees, the Insurance<br />

Managers Association and the Insurance Association.<br />

The plan announced April 25 will be available<br />

on the FSC’s website (www.tcifsc.tc) and be periodically<br />

updated.<br />

“The Action Plan is the culmination of a great<br />

Provo Chamber is<br />

working for progress<br />

On the Web<br />

Read more about the chamber’s<br />

plans and activities with t<strong>his</strong><br />

story at fptci.com or in our online<br />

Public Documents section<br />

On the Web<br />

Read the FSC’s Action Plan on its website<br />

at www.tcifsc.tc.<br />

deal of work by the FSC and its partners in the<br />

financial services sector, and represents a summary<br />

of our objectives for the next five years,”<br />

said FSC Chairman Errol Allen. “Completion<br />

of these objectives will provide the TCI with an<br />

extremely robust and practical legislative and<br />

regulatory framework designed to support the<br />

industry into the future.”<br />

The plan calls for improved reporting, more<br />

staff and training for the FSC, and a number of<br />

new laws. For banking and trusts, new legislation<br />

will include the Financial Services Commission<br />

Ordinance, Banking Ordinance, Bank Insolvency<br />

Ordinance, Deposit Insurance Ordinance and<br />

Trustees Ordinance, according to the plan.<br />

The FSC has transferred its Banks and Trusts<br />

department and the Finance and Administration<br />

department to its Providenciales offices, and has<br />

begun relocating its Insurance department.<br />

“The Action Plan charts a positive way forward<br />

for the sector and describes the steps that will be<br />

taken to ensure the TCI keeps pace with the latest<br />

international regulatory standards,” His Excellency<br />

the Gov. Ric Todd said in the announcement.<br />

“I am sure the private sector will rise to<br />

the challenges ahead and work with the FSC to<br />

ensure that TCI’s reputation as a financial services<br />

centre is enhanced.”<br />

Scotiabank customers in Turks and Caicos now<br />

have a chance to win $<strong>10</strong>0 when they bank online.<br />

In a program that began April 16, Scotiabank<br />

clients can go online to learn about the benefits<br />

and features of online and mobile banking.<br />

By watching videos, customers earn ballots and<br />

will be automatically entered into a draw. Clients<br />

can up their chances even further by signing up<br />

for online or mobile banking where they will earn<br />

more ballots and have a higher chance of winning<br />

the draw taking place June 30.<br />

“T<strong>his</strong> is an exciting opportunity for our customers<br />

to discover the bank’s award winning mobile<br />

and online banking services and to learn how<br />

to use these tools to their advantage,” said Cecil<br />

Arnold, Scotiabank country head. “Online and<br />

mobile banking are convenient ways for our clients<br />

to do their banking whenever and wherever<br />

they want while ensuring the safety and security<br />

of their money.”<br />

In 2011, Scotiabank was awarded Best Consumer<br />

Internet Bank in 20 Caribbean countries<br />

and Best Corporate/Institutional Internet Bank<br />

in 11 Caribbean Countries by Global Finance,<br />

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& Safety Consultants<br />

� First Aid Courses &<br />

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� First Aid Kits & Restocking<br />

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Certified Professional Trainer<br />

Call: 649-241-3300<br />

email: fireworks123@live.ca<br />

FortisTCI submits 2011<br />

annual regulatory filing<br />

have submitted their Annual<br />

Regulatory Filings for the year<br />

ended Dec. 31, 2011, to the<br />

Electricity Commissioner.<br />

Reflecting economic weakness<br />

of the local economy, the<br />

utility reported overall growth<br />

of 0.3 percent in energy demand.<br />

All sectors showed a<br />

decline in sales except for<br />

commercial and small hotels,<br />

driven primarily by a strong<br />

2011 tourist season, according<br />

to the utility.<br />

Sales for large hotels decreased<br />

because of extended<br />

closures following Hurricane<br />

Irene, and residential sales<br />

decreased by 2 percent as residents<br />

increased energy conservation<br />

efforts, the utility said.<br />

The company reported earning<br />

profits of $8.7 million and<br />

spending $26.37 million for<br />

capital investments, including<br />

a second larger, more efficient<br />

generator for improved generating<br />

efficiency, reduced maintenance<br />

costs and improved reliability.<br />

It also finished a new<br />

corporate headquarters and<br />

customer service centre and<br />

built an 800,000-gallon fuel<br />

storage facility.<br />

“Although we had an extremely<br />

busy year, the company<br />

and its employees rose to<br />

the challenge,” said Fortis TCI<br />

CEO Eddinton Powell. “Major<br />

headwinds included the continuing<br />

global recession and<br />

the impact of Hurricane Irene<br />

which resulted in the temporary<br />

closure of some of our<br />

commercial customers.”<br />

“Despite the economic recession,<br />

we continued to be a<br />

significant investor which provided<br />

much needed buoyancy<br />

to the local economy. Our investments<br />

in both physical and<br />

human assets are part of the<br />

Company’s long term strategy<br />

to ensure that the TCI has one<br />

of the best electricity systems<br />

in the world.”<br />

“The current spike in fuel<br />

prices, which has driven up<br />

the cost of electricity to our<br />

customers, remains one of our<br />

biggest challenges,” he said,<br />

citing a reduction in fuel usage.<br />

“We are committed to increasing<br />

fuel efficiency even<br />

further.”<br />

Bank online and win cash<br />

an internationally renowned monthly magazine,<br />

for the most successful and innovative online<br />

banking system. The bank was also the first to<br />

launch the Mobile Banking App for BlackBerry<br />

and iPhone users, which operates on the same advanced<br />

security platform as Scotia OnLine.<br />

For those worried about the security of online<br />

banking, Scotiabank says online and mobile<br />

banking run by banks are as safe to use as the systems<br />

in their branches.<br />

“Scotiabank’s online and mobile banking<br />

services are supported by a number of security<br />

measures to ensure the integrity of transactions<br />

and account information,” Arnold said. “For example,<br />

the Online Security Guarantee ensures<br />

that customers be fully reimbursed in the event<br />

that they experience direct financial losses due to<br />

unauthorized activity.”<br />

For more information<br />

Visit turksandcaicos.scotiabank.com to<br />

Bank Online and Win.

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