The Guernsey Financial Services Commission has come in for criticism from a judge for pursuing heavy fines and bans.
Statement from Stephen Rouxel – Finance Sector Lead Chamber of Commerce
“I am sure all of our members would agree that Guernsey needs solid regulation and an empowered regulator to ensure that Guernsey keeps its place as a respected offshore financial centre. Clearly the role of regulator is a challenging one and the market at this time is a challenging environment. Where there are demonstrable challenges such as highlighted in this case and judgement, what our members will be keen to see and understand is that the GFSC will take time to reflect on this judgement and seek to learn from these challenges. Given the speed that a decision to appeal was taken, it is not clear that the GFSC is in listening mode, which would be of concern. It seems clear from the breadth and depth of the criticism levelled within the judgement that there must be learning points to be taken away and this should be acknowledged.
“Proper consideration needs to be given to the enforcement process, the decision-making process and where the GFSC should and could learn from past mistakes. The right tone from the top on the difficult balance between the pursuit of enforcement and ensuring natural justice is preserved should be considered. Ultimately what our members will really want to see is an open and honest conversation about what has gone wrong and what changes will be made in the future.”