The Fair Trading Commission (FTC) is working on getting the regulatory framework to deal with all “blessing circles”/pyramid schemes.
Director of Consumer Protection Dava Leslie-Ward said the FTC was set up to examine instances where someone offered goods or services for sale and also recruited others to do the same, but “blessing circles” had nothing to do with goods and services and as such, they were limited in what they could do against them.
“While our legislation addresses the issue of pyramid schemes, the important point to note is that there are different types of pyramid schemes. The particular type of pyramid scheme given the fancy name of ‘blessing circle’ is not one of the types of schemes which are contemplated in our legislation,” she said.
Leslie-Ward was the main speaker yesterday in an online seminar entitled Scams And Schemes, organised by the Barbados Association of Retired Persons’ (BARP) Consumers Affairs Committee in collaboration with the FTC.