Giba welcomes review into GFSC’s funding mechanism
Friday 16th August 2013, 10:00AM BST.
THE Guernsey International Business Association has welcomed a decision to examine the funding mechanism for the island’s finance regulator.
At its July meeting, the States voted in favour of an amendment put forward by Treasury and Resources minister Gavin St Pier, which will review how the Guernsey Financial Services Commission is funded.
In particular, the review will look at whether the GFSC could in future be funded by a direct grant from T&R, though all costs of regulation by the GFSC will continue to be funded out of fees from industry rather than tax revenues along with much of the costs of policy development by the Finance Development Unit of Commerce and Employment.
Dominic Wheatley, of Giba, pictured, said the association supported the notion of policy development to become the responsibility of the States but remain largely funded by licensees and to increase the accountability of the commission to elected deputies.