Co-operative Regulator Underscores the Need for Protection of Members’ Personal Financial Information

The Commissioner for Co-operative Development advises that all co-operative societies owe its members a duty of care in the management and protection of personal information retained by the institution and wishes to advise all co-operative societies to exercise the highest standards of ethical and legal behaviour towards their membership.

The public is further advised that the Commissioner, as Regulator of the Credit Union sector, is committed to the highest levels of integrity in the administration of the mandate imposed by the Co-operative Societies Act, Chap 81:03. The public is reminded that the Co-operative Development Division is an entity enacted under the legislation and so whilst it reports to a line Ministry, remains the sole authority in relation to the regulation of the Co-operative sector.

In the conduct of its affairs, the Regulator ascribes to the tenets of confidentiality and fiscal responsibility in the preservation of members’ rights and wishes to convey its unease with the baseless, negative assertions against the integrity and ethical conduct of the Co-operative Development Division.

The Co-operative Development Division remains committed to elevating its service delivery to the sector and the wider public at large and wishes to assure the citizens of Trinidad and Tobago that the Co-operative Sector continues to exhibit positive signs of growth and can be considered a safe and sound space in the financial sphere.