Policy sets out GFSC’s direction

Wednesday 23rd February 2011, 2:29PM GMT.

Lyndon Trott THE Policy Council has set the Guernsey Financial Services Commission objectives with regards the discharge of its regulatory functions, it has confirmed.

In a letter to the commission, the Policy Council said it expects the regulator to work collaboratively with the finance industry while proportionately enforcing the regulatory regime.

It comes at a time when industry figures have expressed concerns over the perceived heavy-handed approach of the regulator.

The move to clarify the direction of regulatory objectives for the GFSC was first made public in October, when Chief Minister Lyndon Trott (picutred) announced the decision during the IoD debate at Beau Sejour.