GFSC boss: We have a big role in helping Guernsey to prosper
Monday 9th September 2013, 10:00AM BST.
THE Guernsey Financial Services Commission wants to play its part in helping Guernsey to prosper, its new director-general has stated.
William Mason told a near-packed St James, where he was guest speaker at the annual Guernsey Finance update, that the commission wanted financial services business to thrive.
But his preferred route for pursuing that goal, by intending to meet international standards and earn the respect of the global regulatory community, was unlikely to please all those industry figures who heard it, who have openly talked about proportionality, and criticised what they have seen as ‘gold-plated’ or ‘best of breed’ regulation.
‘I don’t think the commission, as the servant of Guernsey, can or should pretend to indifference about the health of the financial sector in the Bailiwick,’ he said.
‘There is an inevitable symbiosis between the financial sector and ourselves – at its most mundane, industry pays the fees that we require to function, and we provide the licences which give firms a right to trade.’