Guernsey Regulator Reports On 2014
by Jason Gorringe, Lowtax.net, London
22 June, 2015
Guernsey's Financial Services Commission (FSC) has published its 2014 annual report and financial statements.
FSC Chairman Cees Schrauwers said "2014 represented a period of intense change for the FSC in a challenging environment which required us to address the increasing requirements laid down by international regulatory standard-setters as well as threats to the Bailiwick's reputation. The FSC managed those challenges very effectively while keeping a focus on our cost base."
The FSC has set out its high-level objectives for 2015 in the annual report and the challenges that it is continuing to face, both domestically and internationally.
FSC Director General William Mason said: "One of the most important [challenges] will be the delivery of the Bailiwick's 'Revision of Laws' project which we are running in partnership with both government and industry. The main aim is to equip the Bailiwick with a proportionate and effective regulatory regime which is based upon current international standards and which should put the Bailiwick in a better position for the future in terms of both efficiency and international standing."
The FSC has also announced that fees for 2016 will be reduced, as the FSC's income from discretionary fines rose to just over GBP500,000 (USD793,795) as a result of several enforcement cases. Mason said: "Generally... our enforcement costs significantly exceed the income we might receive from fines. However, where the fine paid exceeds our costs then the surplus is rebated to industry. I'm pleased to say that the Commission anticipates including a proposal in its forthcoming fees consultation paper for the small surpluses which arose in relation to two enforcement cases in 2014 to be rebated to industry through sectoral discounts in 2016 fees."
Overall expenditure fell by almost GBP600,000 compared with 2013, with staff costs down by GBP450,000 and legal and professional fees falling by over GBP125,000.
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