The Commission has today published its 2015 annual report and financial statements.
In his Chairman’s statement, Drs Cees Schrauwers reviews the progress the Commission has made against its three-year plan, which was initiated in 2013 and comprised seven key goals. Chief amongst those goals was enhancing relationships with government and industry, raising the Commission’s professionalism and performance and controlling its costs. Drs Schrauwers said: “As Commissioners, we did not underestimate the challenges which confronted us back in 2013. We also recognised that recruiting a high quality Director General was going to be instrumental in helping us successfully deliver the goals we had established including, importantly, the need to significantly enhance our relationships with our stakeholders.”
Drs Schrauwers continued: “The Commission’s Board set itself some tough objectives for the period between 2013 and 2015 and I am pleased with the progress that we have made. Having made this progress, we have decided that now is the right time to have a review of our effectiveness against accepted international standards and we intend to commence that work shortly.”
The annual report also sets out the Commission’s high-level objectives for 2016 and highlights the challenges which the Bailiwick’s financial services sector continues to face including the ever-increasing international regulatory pressures. Director General, William Mason, commented: “The Commission seeks to engage at international regulatory forums to try to ensure that the views of small jurisdictions such as the Bailiwick are properly taken into consideration. A good example of this has been the Commission’s endeavours to secure an AIFMD Passport to provide our firms with access to the European Single Market for alternative investments. While that remains work in progress, we are optimistic. We also look to ensure, wherever possible, that new international regulatory requirements are implemented in the Bailiwick in a considered and proportionate manner and after thorough consultation with both government and industry.”
Mr Mason also uses the Commission’s annual report to clarify its approach to enforcement. In particular he points out that, while enforcement action will be taken where the Commission identifies serious wrongdoing, it remains the Commission’s strong preference to deal with issues through remedial action overseen by the firms’ boards in partnership with the Commission.
The Commission’s published accounts for 2015, which form part of its annual report, show that overall expenditure was £12,196,257 with staff costs down by around £260,000 - a reduction for the second year in succession. Legal and professional fees also fell significantly in 2015 compared to the previous year. Annual license fee increases have been pegged at 2% or less for the past 4 years, other than in respect of anomalies.
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