Questions arising from GFSC 2011 Accounts

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;


  1. Why does the GFSC need to be sitting on such a large cash balance
  2. If it were wound up tomorrow, who is entitled to the surplus and cash.
  3. At a time when Guernsey needs to be price competitive more than ever before, does this surplus mean fees are too high.
  4. 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.

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