aggrieved customers of collapsed fund management companies threaten demonstration

The Coalition of Aggrieved Customers of the Collapsed 53 Fund Management Companies (CACCFMC)have threatened to demonstrate on March 24, 2020, if government fails to address their situation.

Mr Charles Nyame, Public Relations Officer of the group, stated at a News conference in Accra that it was difficult to comprehend why customers of the fund management companies should be sidelined by the authorities.

He said the companies were equally regulated, just as those in the Savings and Loans and Microfinance sector and claimed that government had capped payment arrangement for depositors of the Savings and Loans and Microfinance companies.

He said government had explained it had now realised that the depositors were suffering unduly, even though it was no fault of theirs to have invested with the savings and loans and micro finance institutions.

He said following the government’s decision, the legal processes to be followed, as per the Banks and Special Depositors Act, 930, was set aside to allow customers access all their funds in good time and the moral argument that was advanced by the government in favour of the depositors under the banking sector should equally apply to those under the fund management sector.

“Was it our fault to have invested in the fund management sector that falls directly under the Securities and Exchange Commission, who is the regulator for all fund companies in the country? Mr Nyame quizzed.

“We are over 150,000 customers , of which over 60 per cent of us are pensioners who have laboured all our lives to serve our country. It is thus not fair for us to be treated this way,” Mr. Nyame said.

He said some pensioners and other vulnerable members of the group had died while others were in critical conditions as they could not collect their monies.

“We are therefore petitioning President Nana Addo Dankwa Akufo-Addo to commit to a full payment arrangement for the customers of the 53 collapsed fund management companies whose licenses were revoked, just as he has done for those in the microfinance and savings and loans sector,” Mr. Nyame said.

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