Peter Neville, Director General of the Guernsey Financial Services Commission, today made the following statement:
"The Commission is presently reviewing the report compiled by Lord Penrose which we obtained today. We have also noted the contents of the letter sent by Callum McCarthy, Chairman of the Financial Services Authority, to Ruth Kelly the Financial Secretary to the Treasury.
The Commission has not been involved in the enquiry in any way and did not receive any advance notice of the contents of the report. The report is very extensive. There are in excess of 800 pages of information to assess. We are aware of the previous enquiries into issues relating to the affairs of Equitable Life but the investigation carried out by Lord Penrose is significantly broader in scope. We are interested to see what further information has come to light and the implications that has in respect of the attribution of responsibilities which may be relevant to the interests of Guernsey Branch policyholders.
The Commission followed the statement made by Ruth Kelly and the questions raised in the House of Commons and we are considering the implications of the further enquiries and reviews that the UK Government has initiated. The Commission will report again once we have had the opportunity to consider the report in full".