FREEPORT, Grand Bahama – Some bankers and other players in the financial services sector who attended the Bahamas Financial Services Board Annual Retreat in Freeport over the weekend told The Bahama Journal that the results of a branding survey of the industry is cause for serious concern.
But Minister of Financial Services and Investments Allyson Maynard-Gibson told The Bahama Journal on Sunday that to the contrary, the results of the branding survey were “very positive” and she said the report will be made public after it is presented to Cabinet.
But various professionals attending the retreat at the Westin at Our Lucaya Resort claimed that the results show that many of the people surveyed have concerns about the sector, including its products and its regulatory oversight.
The results were up for discussion after they were revealed with some of the professionals attending the retreat having side chats about adjustments that need to be made to the sector.
Minister Maynard-Gibson said that the experts who conducted The Bahamas Strategy and Branding Survey reported that there was overwhelming response to the survey and that it was unusual to have such a high level of response. She said there were 225 respondents.
Addressing the financial services professionals at the retreat, the minister explained that the principle underpinning the survey was the government’s commitment to consultation and discussion with the private sector.
“This principle, I believe, is one of the key ingredients in our success,” said Minister Gibson, who noted that the financial services sector is integral to the country’s economic health.
“Government’s decision to launch this landmark strategy and branding survey is significant for two reasons. One, government understands and recognizes that global competition is intensifying the need for stronger brand recognition in the financial services sector.
“We recognize that winners in this global race will be the companies and jurisdictions that can proactively turn challenges into opportunities. Two, this action step to execute the survey is one of the important recommendations echoed by industry stakeholders over the last year.”
The survey was conducted by PwC, author of the PwC Global Private Banking Survey, and Bruce Weatherhill unveiled the results.
Minister Maynard-Gibson said, “The second principle fuelling the survey was that we recognize in all areas of our economy, and certainly no less in financial services, we operate in a fiercely competitive world, a world of change at all levels.”
She said The Bahamas needs to distinguish its financial services platform from those of other international financial centers.
Minister Maynard-Gibson informed that the survey has provided an assessment of the country’s reputation as an international financial centre; its ability to provide key services; why customers use The Bahamas and why they do not; and whether the country needs to expand its services.
“This survey naturally will not dictate the action of the government,” she said. “It will provide the empirical data that shapes the input received from regulators and private sector as the government and private sector formulate our next five-year strategic plan.”
By: Candia Dames, The Bahama Journal
