Former insurance regulator joins Massy United

One month after he officially resigned from the helm of this country’s regulatory authority, former Chief Exective Officer of the Financial Services Commission (FSC) Randy Graham has joined Massy United Insurance.

In a statement today the local insurance provider announced that Graham had assumed the position of CEO from Howard Hall, who continues on as chairman of the Financial Services Line of Business (LOB) for the Trinidad-based Massy Group.

Graham, who resigned from the FSC effective January 1, 2017, also said he was “thrilled” to have the opportunity to lead one of the Caribbean’s premier insurance providers, adding that “Massy United Insurance remains more committed than ever to providing customers with the security and assurance they deserve.”

Graham, who had been previously credited by FSC Chairman Sir Frank Alleyne with moving “expeditiously to create an organizational structure in FSC that has its foundation in excellent corporate governance and succession planning at all levels”, served for two years at the helm of the regulatory body after joining the FSC in 2012 as director of insurance and pensions.

“Randy is no stranger to the insurance industry and his expertise there and in the finance sector will only help further the progress of Massy United Insurance. I enthusiastically welcome Randy, who is ready and well-equipped to assume the reins of Massy United Insurance,” said Hall in welcoming him to the Massy group, which he said was focused on maintaining its position as an industry leader with changes in the financial sector occurring at a rapid pace.

The Financial Services (LOB) comprises of Massy United Insurance, Massy Finance GFC, Massy Remittance Services and Massy’s credit card businesses in Trinidad and Barbados.

5 Responses to Former insurance regulator joins Massy United

  1. Hal Austin February 24, 2017 at 3:58 am

    This is known in the business as regulatory capture It means that the regulators can be hired by the very firms they are meant to regulate.
    Although most regulators act with integrity, the reality is that private firms can pay a hell of a lot more than the public sector.
    We have had it with the Financial Services Authority and its successor body the Financial Conduct Authority, where most of their top executives, even CEOs, end up in private industry.
    The question is: does this reality influence how they regulate?
    .

    Reply
  2. Rick Vonde February 24, 2017 at 8:23 am

    A lesson from abroad, in many countries a public servant with regulatory authority has a grace period of between 9-12 months before the can assume a private sector job. This is of course to hamper the recruitment of such individuals while they might still have some leverage in the regulatory body.

    Reply
  3. RB February 24, 2017 at 8:26 am

    As a regulator, one has access to much confidential information on all insurers in the industry. One then goes off and heads one of those same insurers. Should this be allowed?

    Reply
  4. suzette p February 24, 2017 at 9:07 am

    This guy has always shown himself a first class professional, I am sure he can handle the switch and wish him well.

    Reply
  5. BimJim February 24, 2017 at 2:17 pm

    “The question is: does this reality influence how they regulate?”

    Exactly. I believe that in most “developed” countries the companies being regulated are banned from hiring any of those in the regulating body for a period after they leave – as many as 10 years in some instances.

    British law requires that justice must also be seen to be done, but that has not been the case in our bumbling backwards-stepping Banana Republic run by one or other of the two herds of braying jackasses for a very long time.

    Reply

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