CLEARER policy direction for the Guernsey Financial Services Commission has been promised by the Commerce and Employment minister.

Deputy Kevin Stewart, pictured, told a funds conference that he was prepared to launch a debate to balance regulation against economic benefit.

The minister said that he had been surprised at what he found when taking over at the department in May.

‘I was surprised that there was no real overarching strategy to take us forward, no economic strategy, no policy for the financial services sector, except the unwritten policy of competitiveness, skills and reputation, and no strategy for an internationally competitive ICT infrastructure,’ he said, ‘and also a lack of policy direction for the GFSC.’