FINANCE industry bodies have welcomed the appointment of current HM Procureur Nik van Leuven as the new director-general of the Guernsey Financial Services Commission.

Mr van Leuven (pictured) will take over the top job as the island’s finance regulator on 1 June. Experts in the industry have praised the decision that he will replace current incumbent Peter Neville, who is set to retire.

The Guernsey International Business Association and the Association of Guernsey Banks both agreed that Mr van Leuven faced stiff challenges in the current climate – where regulation is more under the spotlight than ever before.

Steve Le Page, chairman of Giba, said: ‘Giba congratulates Nik van Leuven on his new role as director-general of the GFSC.

‘We also wish Peter Neville well for the future away from the many challenges, particularly at the end of his tenure, brought about by the global credit crunch.

‘The role is likely to remain challenging as regulation has never before had so much international attention focused upon it.

‘Any regulator needs to engage constructively with the industries they monitor and it is no different with financial services in Guernsey.

‘The GFSC has a good track record in this respect, and Mr van Leuven’s local knowledge should help to ensure that it continues. Giba is keen to engage with Mr van Leuven so that our mutual understanding can be developed still further and we look forward to starting that process.’