Giba welcomes flexible regulation
Tuesday 12th October 2010, 2:29PM BST.
REGULATION that is flexible to the needs of business is the key to sustaining the island’s successful finance industry, the Guernsey International Business Association has said.
Giba yesterday threw its weight behind plans for the States to play a greater part in saying how the finance industry’s regulatory process is handled.
Chief Minister Lyndon Trott revealed at last week’s Institute of Directors debate that the States was working on the wording of an updated direction of regulatory objectives for the Guernsey Financial Services Commission.
Giba chairman Paul Meader (pictured) said it was looking forward to seeing the proposals and working closely with government.
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Does this mean Mr Meader expects the Finance Industry to be able to influence how it is regulated? Working closely with Government?
Recipe for disaster if you ask me.
Surely the recent collapses of banks and the scandals that have arisen following the credit crunch such as all the Ponzi schemes ( Madoff etc)uncovered show that strong regulation is required.
If you look at the GFSC website ( if you can get on to the new website! ) there are plenty of Public Statements, Warnings and Prohibitions. These are where businesses have been poorly run or where businesses have failed to spot individuals who are behaving in, shall we say, an unprofessional manner. If the Finance Industry fails to identify these people themselves why should they have a say in how they are regulated.
I also note that the IMF reports on other jurisdictions are critical where there is political interference, involvement or financing of the regulator in those jurisdictions. presumably because there can be undue influence brought on the regulator not to bring action against rogues or not to bring in tougher regulation.
The Finance Industry complains about tough regulation but fails to recognise the millions of investors who want to know that their hard earned money is in a safe jurisdiction.
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How much is Giba going to pay the States to regulate this? Can’t be us poor tax payers
Finance Industry sucked all the poor little people savings in without a qualm or look to (our) future
Scumbags!!!
Giba ought to be in house act with
Responsibility to:
Investors
Depositors
Paying tax to Guernsey
Set it up yourselves, not got enough overpaid executives to do it as part of their job?
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