GFSC expenditure is 'still a concern' for finance industry

EXPENDITURE at the Guernsey Financial Services Commission remains a concern for the industry, although it has broadly accepted new proposals on fee increases.

EXPENDITURE at the Guernsey Financial Services Commission remains a concern for the industry, although it has broadly accepted new proposals on fee increases.

Guernsey International Business Association chairman Peter Mills welcomed reinforcement of the commission’s commitment to hold to no more than 2% increases in fees.

But he said the umbrella industry body still had concerns about where the commission was spending the cash it takes in fees from industry.

‘Our issue is still where the fees are going,’ said Mr Mills, pictured.

‘The expenditure should be on regulatory activity and not other unnecessary expenditure.'

Comments for: "GFSC expenditure is 'still a concern' for finance industry"

SB

Mediocre tash. I suggest a good few extra inches each side, eventually linking in with the sideburns.

John

I know people at the Commission and they do not believe that there is any unnecessary expenditure at least not in their departments. All salaries are frozen, there are no frills to working there and they work hard.

Bankers and Fund managers on the other hand pay themsleves huge bonuses even when they make losses and have huge expense accounts.

Where I work so much is wasted on Director's lunches, Xmas parties, business class travel, etc

Stones and glasshouses comes immediately to mind.

kevin

Got it in a nutshell - the finance industry is always out for a free ride!

Mind you, the staff wages at the GFSC do seem pretty generous.

However it seems almost inevitable that the finance industry and the wages paid within will get a reality check before too long.

Not necessarily a bad thing.