The following questions were asked of the Deputy Chief Minister in relation to the 2011 financial statements of the Guernsey Financial Services Commission. Following my comments I was invited to meet the Director General of the GFSC.
In light of the fact the GFSC has made a surplus of £2.5m in the last 2 years and is sitting on a cash balance of £7.6m, I would like to ask the Deputy Chief Minister 4 questions;
- Why does the GFSC need to be sitting on such a large cash balance
- If it were wound up tomorrow, who is entitled to the surplus and cash.
- At a time when Guernsey needs to be price competitive more than ever before, does this surplus mean fees are too high.
- In light of the current economic climate, why does the Island’s regulator needs to produce such a glossy and, no doubt expensive, set of accounts.