Giba chairman has concerns still over changes at GFSC

THE chairman of the Guernsey International Business Association has given a guarded welcome to changes being planned at the Guernsey Financial Services Commission.

GFSC chairman Cees Schrauwers has announced a number of proposed initiatives and developments, including improvements in governance and a 2% cap on licence fee increases for the next three years.

Giba's Dominic Wheatley, pictured, was particularly hesitant on the commitment to cap fee increases, which infuriated industry at the end of last year as the commission sought to take more cash from austerity-hit businesses.

There seems to be little confidence within industry that the commission will be serious about containing its running costs of about £1m. a month.