The Barbados Consumer Empowerment Network (BCEN) has issued a compelling call for financial policies that prioritize accessibility and consumer choice during the nation’s economic modernization efforts. In her New Year’s address, BCEN Executive Chairman Maureen Holder emphasized that regulatory effectiveness depends not merely on enforcement but on transparency, clarity, and meaningful stakeholder engagement.
While acknowledging Barbados’ progress in aligning its financial systems with international standards set by the Financial Action Task Force (FATF), Holder presented a crucial distinction between regulatory modernization and genuine development. She argued that true development must be measured by tangible improvements in livelihoods, broad-based participation, and concrete gains for households and communities rather than technical compliance alone.
The consumer advocate stressed that as Barbados deepens its financial reforms through transformation initiatives and enhanced regulatory compliance, implementation must remain risk-based, proportionate, and inclusive. She specifically highlighted the vital role of cooperatives and credit unions in maintaining financial access and community resilience, urging policymakers to support these institutions as regulatory expectations evolve.
Addressing current economic challenges, Holder noted that Barbadians continue to face significant cost-of-living pressures with concerns about high prices for essential goods and services. She advocated for strong competition policy, transparent pricing mechanisms, and robust consumer protection measures as critical complements to macroeconomic reforms. Holder concluded that affordability and fairness must remain central priorities alongside profit maximization, achievable through enhanced monitoring, accountability, and stakeholder engagement.