Remember the Chicken Little fairytale? In that story, an acorn fell on Chicken Little’s head and she shouted, “The sky is falling!” She convinced several others to go with her to warn the king; however, Ducky Lucky was dubious. Then along came the crafty Foxy Loxy who, taking advantage of the nervous birds, lured them into a hole from which their savvy friends had to rescue them.

For all those who may be considering whether to take their funds out of financial institutions because of the Stocks and Securities Limited (SSL) fallout, be very careful of the many Foxy Loxies that may be around waiting to pounce.

Here is advice given by financial experts about making the all-important decision of securing one’s nest egg: ask questions about issues of liability and security procedures, get second opinions, and shop around for options. Investment houses which offer an app to track your account or send regular statements are preferable. Even if you are assigned a wealth advisor, feel free to engage his or her manager or supervisor, preferably via e-mail. If your calls or e-mails do not receive a prompt reply, contact the manager directly. Still no response? Move your money to a another place.

Friends may have the best intentions when they refer you to a wealth manager, but it is up to you to make checks before committing your money.

There are seniors who, with the emphasis on digital banking and apps, are feeling alienated and could be more vulnerable to fraudulent activity. The Jamaica Bankers Association and our recognised churches should come together to help seniors to ensure that they have trustworthy relatives on their accounts who can assist with digital banking and secure their bank statements.

Investment houses should also explore the use of technology to give quick updates via SMS or e-mail so there can be a quick response to fraudulent activity. The Bank of Jamaica (BOJ) and the Financial Services Commission (FSC) are currently in the process of ensuring that these organisations update their checks and balances to protect their customers.

The regular banks, also called deposit-taking institutions (DTIs), have always been governed by the BOJ. One will get e-mails, text, or phone calls to confirm transactions from these banks or their investment arms. In fact, over the past week, account holders of these major banks have been receiving reassuring messages that their funds are safe. In their case, even if fraudulent activity takes place, they have adequate insurance protection, unlike the investment houses at present.

Because our Jamaican sports icon Usain Bolt is involved in the SSL drama, the story has made international news and may have given the wrong impression about governance in our financial sector. The fact is that having seen the fallout from the Financial Sector Adjustment Company (Finsac), the BOJ has strengthened regulations; their anti-money laundering (AML) and counter-terrorist financing (CTF) guidelines were created to heighten scrutiny of banking activities. Meanwhile, international rating agencies have been giving Jamaica good marks.

Jamaica’s financial system is strong, and with the lessons learnt this month, it will be even more secure.

THE PARTING OF BOLT AND PEART

The news that the severing of the relationship between Usain Bolt and his long-time Business Manager Norman Peart was not amicable was deeply disappointing as in June 2009 this column celebrated Peart’s mentorship of Bolt from his high school days. Here are excerpts:

“Much has been written about the emergence of young Usain Bolt as the phenomenal powerhouse of the track, and from all indications, a lot more is to come. In a meeting last week, the athlete’s manager, Norman Peart, reflected on the deliberate steps taken to groom Bolt for greatness. ‘As a William Knibb old boy who did athletics, I was called in February 2002 by then principal, Margaret Lee, who said she wanted me to help with ‘this little one that I think will do big things’,’ he recalled. ‘After work, I went to see him and then Coach Dwight Barnett at the school and I was immediately impressed by his stature — this 15-year-old was taller than me, a six-footer!’

“The next day Peart went to see Usain’s parents, Mr and Mrs Wellesley Bolt. ‘Daddy Bolt was very much in charge,’ said Peart. ‘His parents and I have the same values, and since then, there is hardly a day that we have not been in touch. For me, it has been the support of his parents that has made Usain what he is today. There is a very close relationship between that family, parents, brother, and sister. That’s where Usain’s strength is.’

“… So how are Usain’s finances being handled? ‘We have been planning every step of the way,’ says Norman. ‘We have in place an attorney, a financial advisor, a competition agent, and his great coach, Glen Mills.’

“Norman has also encouraged Usain’s spirit of philanthropy. Recently, they reached out to the children with HIV-AIDS at Mustard Seed’s Dare to Care, and give ongoing support to several community projects.

” ‘…Usain is very tough, very positive, and undaunted by the competition. He will have a great tour,’ says Peart of the upcoming season. Such confidence comes from the grooming of a world superstar by an honest and diligent man.”

How could such a relationship come to such an end? With this recent development, there is widespread speculation. We await the findings of the investigation.

OUR COURAGEOUS PARALYMPIANS

The face of courage can be found in some of Jamaica’s quietest corners. One such place is the Sir John Golding Rehabilitation Centre in Mona. There, Jamaica Paralympian Association (JPA) manager and Coach Norman Sinclair puts our athletes through the paces as they train for athletics and sports wheelchair basketball. Since 2017 the JPA has expanded its representation to parasports, such as judo, taekwondo, fencing, surfing, and archery, while badminton, table tennis, and pistol shooting are being pursued for berths on the international scene. Paralympic gold medallist Alphanso Cunningham, who works and trains at the centre, is a world record holder in the F52/53 javelin event.

It was a pleasure to join with the Digicel Foundation team and the JPA to open the newly renovated basketball court and stands. The foundation’s Construction Manager Carnel Campbell supervised the resurfacing and marking of the court, rebuilding of the stands, and setting up of lighting for those late night sessions. The skilful Paralympians played a demonstration game, gliding about the court and passing the ball effortlessly.

JPA Chairman Christopher Samuda, the board, and executive plan to roll out an ‘I am Phenomenal’ campaign in March. Governor General Sir Patrick Allen will be launching the event at King’s House, where he will make a proclamation to have Paralympic Day officially and annually celebrated. This is a step in the right direction and will bring more awareness of the efforts of our Paralympians and gain them more sponsorship. They face life’s challenges with dignity and purpose by showcasing their skills.

We hope their courage in the face of adversity will motivate other Jamaicans to do likewise.

lowriechin@aim.com

www.lowrie-chin.blogspot.com