Balance is key for GFSC

BALANCE is the key to the Guernsey Financial Services Commission’s approach to regulation, its director-general has told the industry.

G29Q2627

BALANCE is the key to the Guernsey Financial Services Commission’s approach to regulation, its director-general has told the industry.

‘We need to be balanced if we are to achieve good quality outcomes which favour the common good,’ said William Mason, pictured, speaking at his first industry presentation event at St James.

‘Much of regulation is about striking the right balance, in terms of what to focus on, how to focus on it and how, having focused on it, to arrive at balanced judgments about what to do.

‘We are committed to having good quality interactions and processes which help us get to appropriately-balanced judgments as often as possible and, through doing so, serve Guernsey’s common good.’

At present, Mr Mason said, balancing resources at the regulator was to focus more on supervision than enforcement – ‘prevention is better than cure and I’d expect that to remain the case’, he said.

The roll out of a risk-based supervision system, which will be completed across all sectors within the next 15 months, will mean too that the commission spends time looking at the largest firms – particularly those seen as ‘issue rich’ – and ‘sampling’ smaller operations.

He also said that he hoped the commission would be able to have ‘good quality interactions’ with its licensees.

‘We think the commission and firms should be capable of having civilised, grown-up discussions which lead to sensible and pragmatic solutions to idiosyncratic problems those firms may face.’

Comments for: "Balance is key for GFSC"

John West

Mitigate risk, review risk, provide and plan for risk, insure for risk. Risk, risk risk. Risk for whom and against what?

Gone are the days where the GFSC was acting as oversight regulator to protect investors and clients of the finance industry, now it's all about protecting Guernsey plc and the clients are a distant second (very distant).

Slash

Why not look at the usurious rates of interest charged by some lenders to borrowers in the Bailiwick? These are 'financial services' that affect the most vulnerable in our society.

The GFSC regulates lenders, so do something for the man in the street for once instead of cosying up to the large institutions. That would 'favour the common good'!

John West

Agree.

A certain popular lender based near the market are not actually regulated for lending (for various reasons) and are charging exceptionally high interest rates.

There again, we all know what goes on with property sales etc over here and that is simply allowed to happen!

One rule for one!

Finance is so overly regulated that it is killing the industry (this coming from someone deeply within the industry!)

Somebody needs to do something quickly before more businesses are put off trading here!

Image rights

did anyone get permission from Tin Tin to use his image in this photograph?

BadDonkey

‘We think the commission and firms should be capable of having civilised, grown-up discussions which lead to sensible and pragmatic solutions to idiosyncratic problems those firms may face.’

Had to laugh , sorry.

BadDonkey

GFSC

Where men are men

And conflicts of interests are the norm.