Government plans tighter regulation of commercial banks, credits unions and other entities offering financial products and services.

And it warns Barbadians to be careful where they put their money and to be wary of investment scams.

Minister in the Ministry of Finance Ryan Straughn, as he introduced in the House of Assembly, the Financial Services Commission Amendment Bill cited the collapse of regional insurance conglomerate Clico where investors lost millions of dollars.

He spoke of plans to strengthen the structure and regulatory capacity of the FSC including with regards new investment options such as crypto currency about which he urges the public to be cautious.

Mr. Straughn says the FSC working with the Central Bank will ensure that the insurance sector, pension funds and credit unions and cooperatives are properly structured and regulated.

He’s made special mention of the need to strengthen the structure of credit unions.

Chief Executive Officer at COB Credit Union, Steve Belle, tells Starcom Network News that he is taken aback by the comments made by the Minister.

Meantime, Mr. Straughn also promised Clico policy holders and investors with outstanding claims that the FSC will be dealing with those matters.

He believes it has taken far too long, almost ten years to settle those issues.