I made the following speech in relation to the GFSC’s accounts for 2013 in July 2014.
Sir, Over the last 2 years myself and others have made comments in this Assembly about the inexorable rise in costs and fees at the GFSC. Although it has taken time I do believe that the Commission has listened both to the politicians and industry and is now taking steps to control its expenditure.
Credit has to be given for closing the Defined Benefit Scheme. Whilst this won’t ever be popular amongst the Commissions employees, had this not been done, there would be increasing pressure to impose higher fees on an industry which has been closing its Defined Benefit Schemes over the last 20 years. This was a disconnect that was unsustainable.
Now it is apparent that the only real savings for the year under review relate to reduced consultancy fees from 2012. However, I do appreciate from the various meetings that I have attended at the Commission that several changes have been actioned in the last year whose full financial effects will not become apparent until the 2104 accounts are prepared and I therefore think next year will give us a better indication of how things are going, although it looks now that they may be moving in the right direction.
Just as an aside I think it interesting that the Commission has made a profit of £525k last year which would be sufficient to cover the £440k contribution it paid towards the running of the GTA until 2012, a sum now being picked up by the taxpayer.
Finally, Members might like to know that the PAC has been in contact with the GFSC regarding disclosures of senior GFSC staff salary levels and work is ongoing in this area.