The Guernsey Financial Services Commission is changing its internal structure to bring supervision and policy functions together thereby helping to increase the Commission’s effectiveness. Some senior personnel will change roles to facilitate the changes, which are designed to be cost neutral. Specifically, the Banking and Insurance Divisions will merge to form a new Division to undertake both supervision and policy work – an example of the Commission actively managing its costs.
Jeremy Quick, currently Director of the Insurance Division, will head up the combined Banking and Insurance Supervision and Policy Division. Philip Marr, currently Director of the Banking Division, will become Director of the Fiduciary Supervision and Policy Division.
Philip Nicol-Gent, presently Director of the Fiduciary Services Division, will become General Counsel to the Commission and as such will take forward the project to consolidate and revise the regulatory laws; Samantha Sheen, currently Legal Counsel, will become Head of a new Financial Crime and Authorisations Division, which will absorb the existing Anti-Money Laundering Division and Authorisations Unit.
Carl Rosumek remains responsible for investment business, heading up the Investment Supervision and Policy Division.
Following his retirement, the current Director General Nik van Leuven will be retained as Special Advisor for the project to consolidate and revise the regulatory laws and Richard Walker will become Special Advisor for International Affairs.
A new Innovation Unit will be formed to perform cost benefit analysis of innovative proposals for new businesses, products and services. The function of the Unit will be to help the Commission reach balanced decisions on the risks and rewards for the Bailiwick of authorising new innovative businesses. It will also liaise with the States to ensure that Guernsey complies with International Monetary Fund (IMF) recommendations on financial stability. The Unit will be headed by the Commission Secretary, Fionnuala Carvill.
A Conduct Unit will be established to take a Commission-wide lead on conduct supervision and policy, particularly the implementation of Guernsey Financial Advice Standards (GFAS).
A specialist Risk Unit will be created to help the Commission deliver and embed the risk-based supervision which is critical if the Commission’s thinly stretched teams are to be able to focus on the most important issues in a systematic fashion.
William Mason, Acting Director General of the Commission, said: “This is not about change for change’s sake, but about using our existing talent creatively to deliver the high quality regulation Guernsey requires.
We hope that those investing in the Bailiwick will see our Innovation Unit as a sign that we are open to authorising high quality business ventures which do not threaten the Bailiwick’s high standards, whilst we hope that the Conduct Unit will help ensure that we can continue to act to defend the Bailiwick’s consumers from the inappropriate sale of ill-advised financial products.