The Commission’s Director General, William Mason, was the guest speaker at today’s lunchtime event held by the Chamber of Commerce.
Mr Mason explored the positive relationship that can exist between regulation and economic growth. He posited that the key issue is not whether growth and regulation can co-exist but rather what level and type of regulation is optimal for economic growth. He suggested that good regulation can create an environment where people are secure enough to execute trades and make investments which they would otherwise have been unwilling to make, thereby driving economic growth.
During his speech, Mr Mason set out what the Commission is doing to try to facilitate the growth of the Guernsey financial services sector and to strengthen the Bailiwick’s position in order to preserve economic prosperity. Mr Mason also took the opportunity to dispel some myths around the Commission’s enforcement activities.
Mr Mason concluded his speech by looking at the role regulation plays in securing market access. He suggested that the UK Government might be willing to allow Guernsey to become part of future free trade agreements which are likely to have a strong financial services component, providing Guernsey’s financial services regulation continues to meet the same common international standards as the UK.
A copy of the full speech can be accessed via this link.