Aggrieved customers of collapsed FMCs threaten ‘mammoth’ demo

The Coalition of Aggrieved Customers of 53 collapsed fund management companies has threatened to hit the streets on March 24 if government fails to show commitment to pay their locked-up funds.

The group claims none of its members has received any funds, neither is government giving them any assurances.

Addressing the media in Kumasi, the group described as discriminatory government’s resolve to pay customers of defunct savings and loans, and microfinance companies whilst sidelining customers of collapsed fund management companies.

“In the President’s own statement on why his government reviewed the decision to now pay full amount to depositors of defunct Savings & Loans and Microfinance companies, was to the effect that they realized it was no fault of the customers,” Spokesperson Charles Nyame said.

“The question those of us in the fund management sector are asking is that, was it our fault to invest in a legitimate business being regulated by Securities and Exchange Commission? This is discriminatory.”

The Securities and Exchange Commission in November 2019 revoked the operating licenses of 53 fund management companies over breach of requirements and failure to perform their functions efficiently.

Several savings and loans and microfinance companies have had their licenses revoked last year by the Bank of Ghana as part of the financial sector clean-up.

Some customers of the defunct savings and loans and microfinance companies have, however, started receiving their locked up funds.

Charles Nyame noted “we find it difficult to comprehend why the President has sidelined us when he committed to a 100% payment of depositors funds affected under the financial sector clean-up despite the fact that fund management companies are equally regulated just as those in the Savings & Loans and Microfinance sector”.

“If government really cares about the suffering of the customers, then it should put measures to fix this situation before March 24, 2020 to prevent the staging of a mammoth demonstration on the streets of Kumasi against the government.”

The coalition wants President Akufo-Addo to commit to the full payment arra