GFSC review ‘must look at value’ – Giba
Friday 22nd October 2010, 2:29PM BST.
A REVIEW of the island’s financial watchdog must look at whether it provides value for money at time of rising costs for the industry, say members of Guernsey’s international finance community.
Guernsey International Business Association chairman Paul Meader (pictured) was responding after the Guernsey Financial Services Commission announced it was to hire consultants to carry out a ‘root-and-branch’ review of financial control.
Giba, which has been calling for the move for some time, said it looked forward to contributing to what it hoped would be an ‘open, wide-ranging and transparent appraisal of the regulator’.
‘One of the key areas we hope to see addressed will be value for money, as regulatory cost is high on the industry’s lists of concerns.’
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Can Mr Meader explain how to measure value for money in respect of the role of the regulator?
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Lyn
The answer is that they want to be allowed to make as much money as possible, with as little regulation as possible.
Oh, and they also want the taxppayer to sub them through the reduction on company tax etc.
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