Progressive Liberal Party Member of Parliament for Elizabeth and former Minister of Financial services Ryan Pinder says the financial services industry has been responsible for the elevation of many Bahamians in senior management than any other industry in the country but it faces a number of threats.

He says a failed financial services industry could quickly result in a failed Bahamian economy.

“A recent industry human capital survey indicates that 80 percent of the industry employees are Bahamian, with half of eh senior officers (the highest regulatory classification) being Bahamian. This is demonstrable evidence of the sector’s movement towards Bahamianization,” he said.

“We have to preserve and advance this industry in The Bahamas for the economic viability of our country.”

Mr. Pinder said there are three major threats he sees against the industry in the country and that in his opinion, governments have given too much attention to foreign direct investment and tourism.

“We are experiencing a variety of international initiatives that are presenting serious and some believe insurmountable obstacles to the viability of our financial services sector. Things are not good in the industry,” Mr. Pinder said.

“It is not only my belief, but also those throughout industry that government must be more focused ad more responsive to and demonstrative of its stated commitment to the future viability of the industry and its value propositions. This is a current issue that requires current action.”

He said there is a threat to has been a loss of correspondent banking in the Bahamas which is when a financial institution provides service on behalf of another, in the region he stated is a complex issue.

Correspondent banking is fundamental to international trade, international currency transactions and international business.

Furthermore, he said the region is also being threatened by significant revenue pressure on banking institutions and finding new value propositions.

Given the issues presented however Mr. Pinder says he does see a way out.

“This path requires immediate attention and dedication by all stakeholders, progressive policy reforms, predictable and transparent initiatives and ultimately a business friendly operating environment,” he said.

“It is time to be focused and immediate, committed to reform, and it is time to pass them by and create an industry with value added features that make us second to none.”