February, 10 , 2010

A hard-hitting broadside at the financial services industry has been delivered by a well-known figure in the Bahamian finance world.Paul Moss was speaking yesterday at the Understanding Foreign Currency Markets event at the British Colonial Hilton, organized by the Executive Forex Group, where he described the 3,000 Bahamians working in the sector as "under-laborers".And describing the industry as weird, the Dominion Management Services boss hit out at Bahamians for letting the situation happen, including the government.

"We do not own the banks or trust companies nor do we control the majority of investment funds whether through management or administration."The essential structure of our industry was defined 10 years ago by Dr. Gilbert Morris as "renting sovereignty". That is, we have or had a large number of foreign financial institutions and those institutions determine the nature and character of our financial services.

.