Guernsey financial regulation reviewed

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There are plans for an overhaul of the organisation responsible for regulating Guernsey's finance industry.

The industry generates about 40% of the island's economic output and about £105m a year in tax.

A public consultation will look at whether the Guernsey Financial Services Commission needs updating due to changes in the law and economy.

Commerce and Employment Minister Kevin Stewart said it was about ensuring the industry continued to be successful.

He said it was becoming more important that industry, government and the regulator worked together.

Among his department's aims for the review are improving the governance of the commission, clarifying the role of the director-general and setting up an independent tribunal to handle more challenging or contentious decisions.

The review is due to run until 5 July 2013.

Deputy Stewart said it was a separate piece of work to the Scrutiny Committee's review of the policies and accountability of the commission.

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