Since its establishment in February 1988 the Financial Services Commission has undertaken both statutory and general functions in respect of the financial services sector of Guernsey's economy.
Its statutory functions are primarily the administration of laws for the supervision of banking, investment business and insurance. These laws, in the main, are designed to protect depositors and investors by ensuring that only 'blue chip' businesses are permitted to set up in the Island and that their operations are subject to on-going supervision.
The Commission's general functions include the taking of 'such steps as the Commission considers necessary or expedient for the development and effective supervision of finance business in the Bailiwick'. In other words it has ultimate responsibility for finance businesses in Alderney and Sark as well as Guernsey. Commission policy, which since its inception has been described as 'firm but flexible', is overseen by five Commissioners who are a lawyer, an accountant, an insurance expert and a banker chaired by the President of the Guernsey government's Advisory & Finance Committee. Day to day functions are undertaken by a permanent staff of 30 headed by Peter Crook, Director General, a former Bank of England executive.
The content of this article is intended to provide a general guide to the subject matter. Specialist advise should be sought about your specific circumstances.
For further information contact Peter Crook on Tel: +44 (0) 1481 712706 or visit the Guernsey Financial Services Commission Web Site at:
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