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Guernsey Regulator Appoints 'Transformation' Officer

by Jason Gorringe, Tax-News.com, London

23 August 2012


The Guernsey Financial Services Commission has appointed Tim Loveridge as Chief Transformation Officer to lead the implementation of recommendations contained in a report commissioned in December 2011 to improve the agency's functioning as the island's financial services regulator.

The report, prepared by Ernst and Young, highlighted that while the Financial Services Commission is generally seen to provide efficient and cost-effective oversight of the financial sector, change may be desirable in recognition that regulatory costs have risen as the Commission has strived to keep pace with changing international standards and increased scrutiny of offshore financial centres.

The Commission explained that the initiative aims to rationalize resource allocation to ensure that it can maintain a world-leading regulatory regime, which places a low burden on businesses, and is developed at minimal cost to the industry and government.

The Commission has announced that Loveridge's first key project will be the development of an 'extranet', an electronic communications platform to connect the Commission with its licensees. Loveridge will head up a working party to develop the project, which will include members of the financial services industry, including members of the Guernsey International Business Association (GIBA),

Urging input from the financial services sector, Loveridge said: “This is a great time to join the Commission and get involved with the projects that are in progress following the Review. It is important for industry practitioners to be involved in the development of the new processes we are implementing to ensure that we come up with a workable solution for everyone involved.”

Dominic Wheatley, GIBA's Chairman, added: “We are fully behind the Commission in bringing their reporting infrastructure up to date. We welcome Mr Loveridge’s appointment and the focus and experience that he will bring to this important project, and we look forward to working with him and the working group.”

TAGS: law | international financial centres (IFC) | Guernsey | offshore | standards | regulation | services

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