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Guernsey Consults On Regulatory Framework Changes

by Jason Gorringe, Lowtax.net, London
29 September, 2014

Guernsey's Commerce and Employment Department has responded to feedback received during a consultation on changes to the regime governing the island's financial services regulator, the Financial Services Commission.

Topics discussed in the consultation paper included:

  • Clarifying the regulatory objectives of the Commission and aligning them with the economic priorities of the island;
  • Modifying the governance arrangements of the Commission and clarifying the role of the Director-General; and,
  • Ensuring that complaints brought against the Commission are handled independently.

The Department has now published a report setting out the recommendations from the consultation that it intends to adopt.

Minister for Commerce and Employment, Kevin Stewart, said: "The proposals made for Guernsey's 21st century regulatory framework will assist in maintaining and enhancing Guernsey as a premier International Finance Center 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 who contributed for their thoughtful and useful suggestions, and we now look forward to working together and putting these measures in place."

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