Thursday 25 September 2014
Commerce and Employment Department have issued a consultation feedback document on a range of options for the reform of the regulatory framework which governs the Guernsey Financial Services Commission. The finance industry, the GFSC, the general public, and other interested stakeholders had the opportunity to feed into the process.
Some of the key aspects of that consultation were:
- Clarifying the regulatory objectives of the Commission to ensure that proper account is taken of the economic priorities of the States of Guernsey.
- Introducing secondary matters to which the Commission should have regard.
- Modifying the governance of the Commission and clarifying the role of the Director-General.
- Ensuring independence in the handling of complaints against the Commission.
Deputy Kevin Stewart, Minister for Commerce & Employment said:
"The proposals made for Guernsey's 21st Century Regulatory framework will assist in maintaining and enhancing Guernsey as a premier International Finance Centre with a robust, fair and independent regulatory regime. The consultation received significant input from industry, the regulator and interested stakeholders. We have taken on those views as well as looking at international requirements. We thank everyone for who contributed for their thoughtful and useful suggestions and we now look forward to working together and putting these measures in place."
The paper summarises the feedback received from that process and the proposals which will now be taken forward and areas where the Department has decided not to proceed.