Local News
‘Greedy Bill’ – Premier Natalio Wheatley Takes Steps To Amend Retirement Legislation
Premier Dr Natalio Wheatley on Thursday began taking steps to amend the controversial Retiring Allowances (Legislative Services) Amendment Act, 2021 known as ‘The Greedy Bill’ which gives lawmakers cushy allowances and guaranteed salaries even after they are voted out of office.
On June 29, the Retiring Allowances (Legislative Services) Amendment Bill, 2023 was given its first reading during the Second Sitting of the House of Assembly in Road Town, Tortola.
During this year’s election campaign, Premier Wheatley had promised residents that the legislation, introduced during Andrew Fahie’s administration, would be repealed.
It was Sixth Electoral District Representative and National Democratic Party (NDP) member Myron Walwyn who first revealed the hefty retirement benefits lawmakers were entitled to while campaigning in March and April this year.
This sparked heavy public criticism which moved politicians from various parties to publicly support amending the bill.
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British Virgin Islands Financial Services Commission Welcomes New Leadership
The British Virgin Islands Financial Services Commission (BVIFSC) has announced new appointments to its governing board, with Mr. Gerard St Clair Farara KC stepping in as Chairman and Ms. Patlian Johnson as Commissioner. The appointments, confirmed by the Ministry of Financial Services, Labour, and Trade, mark a new chapter for the commission as it seeks to strengthen the territory’s financial services sector.
Mr. Gerard St Clair Farara KC has been appointed to a three-year term as Chairman, effective August 1, 2024. A seasoned legal expert with a distinguished career, Farara currently serves as a Commercial Court Judge for the Eastern Caribbean Supreme Court and leads the litigation team at the BVI office of COLLAS CRILL, formerly Farara Kerins. Farara’s prominence in the legal community is further highlighted by his appointment as Queen’s Counsel in 1996, cementing his standing as a leading figure in the Virgin Islands Bar and the broader Eastern Caribbean.
Ms. Patlian Johnson will serve a one-year term as Commissioner, also beginning on August 1, 2024. Johnson, a Strategy and Policy Advisor with extensive experience, currently holds the position of National Coordinator for the UNDP Project Office. She brings an impressive academic background, including a Master of Science in Economics and Finance from the University of Bristol and a Bachelor of Science in Economics and Accounting with First Class Honours from the University of the West Indies, Cave Hill Campus.
The pair will replace outgoing Chairman Mr. Robin F. Gaul and Commissioner Mr. Melvin A. Turnbull, whose terms have concluded. Minister of Financial Services, Labour, and Trade, Honourable Lorna G. Smith, OBE (AL), praised the new appointments, stating, “I am delighted to welcome Mr. Farara and Ms. Johnson to the BVIFSC Board of Commissioners. Their combined expertise will be invaluable as we continue to navigate the challenges and opportunities facing the financial services sector.”
Smith also expressed gratitude to the departing board members for their significant contributions to the growth and stability of the territory’s financial services industry. According to the Government Information Service (GIS), these appointments underscore the Virgin Islands’ commitment to maintaining a well-regulated and competitive financial services sector.
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