THE EDITOR, Sir:

THE investment schemes point to the great need for reform in the financial sector and is the main reason for the entrenchment of these schemes in the Jamaican society. The Government has now realised that they have now reached a stage where they cannot be closed down without grave repercussions for the socio-economic framework of the country.

These schemes are nothing as simple as the ones that emerged and collapsed in the western end of the island in the late 1990s. Now, we have traders participating in the legitimate global $20 to $30 trillion foreign-exchange trading industry and are willing to share the profits with all classes of Jamaicans, from the big to the little. Every social strata and profession is involved, from politician to parson is trying to make a money, and it is now seen as the real big man them wanting the little man to cease and desist from making money.

If the most entrenched Cash Plus, now seen by many as a "saviour for poor man", collapses totally, the Jamaican economy and the legitimate banking schemes could also feel the impact.

At this point, therefore, accommodation of the fit and proper innovative investment schemes, without the big stick broad-brush approach, is needed. This broad-brush approach was exhibited and described as "Gestapo style" by a former politician when the Financial Services Commission (FSC), under the previous government, raided the offices of Olint, a foreign-exchange trader.

This was a lost opportunity at that time for understanding and accommodation, and by shutting Olint down locally, an opportunity was created for a myriad of traders and 'wannabe' traders to fillthat void for investors who hadby then become interested and hungry fo investment opportunities.

The worst part of it is that Olint, among the world's top forex traders, moved to another country, preventing more ordinary local Jamaicans from profiting.

The banks, the Government, the FSC and registered investment houses should do what is necessary to accommodate the innovative while protecting the Jamaican high- and low-risk investor and economy without conspiracies, delay and badmindedness. The Ministry of Finance/FSC has now moved to require licenscing from all, which might not be a bad idea; at least we may be able to sift the tares from the wheat, thus protecting the investor while driving some into the uncontrollable cyberspace, and also to other countries.

I am, etc.,

MICHAEL SPENCE

Micspen2@hotmail.com

P.O Box 630

Liguanea, Kingston 6