Friday 30 November 2012
The Scrutiny Committee is commencing its review of the relationship between the States of Guernsey and the Guernsey Financial Services Commission with a public consultation exercise. The review will consider the relationship between the government and the financial services regulator and assess the effectiveness of the States of Guernsey in providing an appropriate policy framework for regulation.
The panel appointed to undertake the review compromises the Committee's Chair, Alderney Representative Paul Arditti, and Deputies Rob Jones and Peter Sherbourne.
Mr Arditti said:
"The Committee has identified the oversight and policy framework for regulation provided by the government to the financial services regulator as a subject worthy of review. The protection of the international reputation of the Bailiwick of Guernsey is of paramount importance and the responsibility for this ultimately rests with the States of Guernsey.
The regulatory policy framework in place for the financial services sector is a key element of this and the Committee wishes to assess the effectiveness of the government in providing these policies and strategies and how it monitors whether they continue to meet the needs of the Bailiwick of Guernsey".
The terms of reference for the review are available to download below, and in hard copy from the Sir Charles Frossard House reception or from the Scrutiny Committee office (scrutiny@gov.gg or telephone 717133).
Mr Arditti said:
"The review will consider the relationship between the States of Guernsey and the Guernsey Financial Services Commission to clarify and assess the governance arrangements in place, including reporting lines, responsibilities and accountabilities relating to financial regulation policy. It will also consider how financial regulation policy is developed by government and implemented and how it measures the performance of the GFSC in regulating the financial services sector."
The Review Panel has launched a consultation inviting any individual or organisation who wishes to contribute to the review to provide a written submission on any, or all of the areas set out in the review's terms of reference.
Mr Arditti said:
"This review presents the financial services industry, individuals, organisations and the public the opportunity to express their views on the appropriateness and effectiveness of the current financial services regulatory regime.
I would encourage any member of the public, businesses, business groups or consumer groups to engage with the Committee and contribute to this review. The consultation is a vital part of the information gathering process and will ensure the Panel has a range of views available to consider in its deliberations."
The consultation will close on Friday 1 February 2013. Any individual or organisation interested in providing a written submission to the Committee as part of this review may access a copy of the consultation document on the Committee's website, from the Sir Charles Frossard House reception or request a copy from the Scrutiny Committee office.
At the conclusion of the consultation period, the review panel will analyse the information received and determine whether it believes a public hearing with key stakeholders would be beneficial to gather additional evidence and to question the relevant government Departments on findings and information received.
ENDS
Contact information
Scrutiny Committee
Tel: 01481 717133
Email: scrutiny@gov.gg
