The Securities and Exchange Commission (SEC) has been told to simplify and fast-track payments of claims under the partial bailout authorization given by Government.
Reacting to the announcement of a partial bailout for the remaining 27 Fund Management Companies (FMCs), Secretary to the Coalition of Aggrieved Customers of FMCs, Joseph Aryeetey, welcoming the news, noted processes involved in retrieving locked-up funds is laborious and as such should be simplified for quick payments.
“If really Government is sincere with the support it wants to give us through the partial bailout, then the process should be fast-tarcked so that by the end of this month we have our monies,” he stated.
SEC in a press statement on Wednesday, November 18, per the authorization of Government, announced a partial bailout for the remaining 27 collapsed FMCs.
This follows a bailout package already granted to 22 FMCs months ago.
The partial bailout involves payments of up to Ghs 50,000 to all affected customers.
According to the Securities and Exchange Commission (SEC), the partial bailout comes on the back of deliberations with Government regarding an agreed social and humanitarian intervention for all remaining customers of the failed FMCs.
“The decision to make this partial payment is predicated on government’s commitment to protect its citizenry and its sensitivity to the plight of affected clients compounded by the disruptive impact of the Covid-19 pandemic,” SEC said in the statement.
