By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The Minister of Financial Services yesterday said he had submitted a written policy proposal to deal with the sector’s Immigration needs, and said there was “no need for panic” over work permit issues.

Allaying fears that the Bahamian financial services industry could be the next target of a work permit crackdown, Ryan Pinder told Tribune Business that while international participation in the industry was necessary, he was “very bullish” on Bahamians in the sector.

Mr Pinder said the financial services industry had build up a significant amount of Bahamian human capital, which held posts at the highest levels in several institutions.

He added that his Ministry had held consultations with the industry on Immigration matters to get definitive numbers on how many Bahamians and foreigners were employed, and the positions they held.

“We have also asked them to provide information about training and succession planning in their respective institutions,” Mr Pinder said. “The financial services industry is an international industry by nature; it has international participants, but we as a government are 100 per cent committed to advancing Bahamians in the industry.

“It’s an industry in which we have largely developed a significant amount of Bahamian human capital. Today we are seeing Bahamians at the highest levels within these institutions. Bahamians have advanced significantly in the financial services industry.”

Mr Pinder added: “I have written a policy proposal in the context of a comprehensive Immigration policy plan that the Minister is working on to deal with financial services.

“We’ve written and submitted it to the Minister [Fred Mitchell] for consideration. We have also consulted with the industry on matters of Immigration to get an understanding, on a definitive basis, the ratios of Bahamians to foreigners, and at what positions in banks and institutions. We have also asked them to provide information about training, succession planning and the like. 

“I don’t think there is any need for any kind of panic that the Government is going to be focusing on the financial services industry to the point where we are going to be damaging the industry,” said Mr Pinder.