THE Guernsey Financial Services Commission is celebrating its 20th anniversary.

The commission was set up by the States of Guernsey to act independently and ensure that local legislation and regulation kept up with the increasingly sophisticated and complex financial services industry.  It also serves to supervise the industry and maintain Guernsey’s good name in the increasingly international world of such services.

Speaking at a reception at Castle Cornet to mark the occasion, GFSC director-general Peter Neville (pictured) thanked all those involved.  ‘The fact that Guernsey is well regarded for its firm but pragmatic approach to regulation and supervision is a tribute to those who set up the commission and to the efforts of all those who have worked for it,’ he said.

The local financial services industry has developed significantly in the past 20 years. Since 1988, insurance premiums collected have increased from less than £0.4bn to £3.4bn in 2006 and Guernsey is Europe’s largest captive insurance centre. Bank deposits have increased from £8.8bn to £129.5bn in the same period.