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GFSC expenditure is 'still a concern' for finance industry

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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.'

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