Dear Editor,
The Jamaica Association for Micro Financing (JAMFIN) is deeply concerned at the enactment of the Security Interests in Personal Property Act 2013 without due consideration of the full implications for financial institutions and individuals.
JAMFIN strongly objects to any attempt to make it legitimate for the Government to violate the individual's right to privacy under the constitution. JAMFIN represents microfinancing institutions, some of which subscribe to the registry of security interests. These institutions may now be open to lawsuits from customers whose private information has been put in the public domain without their knowledge or permission.
Whereas JAMFIN supports the establishment of a registry of this type for the use of financial institutions, it strongly objects to this information being open to the public at large. Such open access can have the effect of compromising the portfolios of participating institutions, leaving the way open for unscrupulous people to use the information to carry out criminal acts against their customers.
JAMFIN sees the decision to shut down the SIPP website temporarily as a positive one and calls upon the Government to immediately convene meetings with all participating lenders, including microfinance institutions to consider the negative implications of this aspect of the new Act and to agree that safeguards will be put in place to prevent the information contained in the Registry from finding its way into the public domain.
Blossom O'Meally-Nelson
Chairman,
JAMFIN
JAMFIN challenges SIPP open access
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The Jamaica Association for Micro Financing (JAMFIN) is deeply concerned at the enactment of the Security Interests in Personal Property Act 2013 without due consideration of the full implications for financial institutions and individuals.
JAMFIN strongly objects to any attempt to make it legitimate for the Government to violate the individual's right to privacy under the constitution. JAMFIN represents microfinancing institutions, some of which subscribe to the registry of security interests. These institutions may now be open to lawsuits from customers whose private information has been put in the public domain without their knowledge or permission.
Whereas JAMFIN supports the establishment of a registry of this type for the use of financial institutions, it strongly objects to this information being open to the public at large. Such open access can have the effect of compromising the portfolios of participating institutions, leaving the way open for unscrupulous people to use the information to carry out criminal acts against their customers.
JAMFIN sees the decision to shut down the SIPP website temporarily as a positive one and calls upon the Government to immediately convene meetings with all participating lenders, including microfinance institutions to consider the negative implications of this aspect of the new Act and to agree that safeguards will be put in place to prevent the information contained in the Registry from finding its way into the public domain.
Blossom O'Meally-Nelson
Chairman,
JAMFIN
JAMFIN challenges SIPP open access
-->