The GFSC’s 2014 accounts were debated in July 2015. My speech is set out below.
Sir, Before commenting on these accounts, which incidentally have been prepared in accordance with recognised accounting standards and are accompanied by an audit report that gives a true and fair view, I would like just to thank the Commission for the informative sessions that they have held for Deputies over the last couple of months. I think those of us, small in number that we were, were impressed by the tone of the meetings and the greater approachability that seems to have developed.
For years the Commission has been focused on instituationsl investors and large international businesses. However, it is evedent that there is a strong realisation of the need to protect to the smaller, local investor. Sadly, this will not help those who have suffered through a lack of focu in the past. However, with a FSO and new rules setting minimum qualifications for investment advisers, as well as helping in the campaign to make people aware of scams, I think this is changing.
In terms of the accounts, I should ike to inform this assembly that the PAC did contact the Commission last year regarding disclosures in their accounts relating to pay bandings. I am thankful to the Commission for taking note of our comments which has resulted in an improvement in the disclosure this year.
Finally, I admire the the Commission in the way it has restrained their costs, but note that I believe it likely, from the meeting we had with GFSC, that we will receive a request for an increase in fees later this year. Whether the savings in 2014 ae sustainable, therefore remains to be seen.
Having said that, the Commission should be commended for listening and taking action at a time of increasing pressure of work from beyond our shores.