Guernsey States to look at finance industry regulations

Deputy Lyndon Trott said the States will look at finance regulations

The States of Guernsey is to take a more involved role in how the island's finance industry is regulated.

Chief Minister, Deputy Lyndon Trott, made the announcement at the annual Institute of Directors debate.

It follows concerns from the business sector that the States is too eager to appoint regulators and too susceptible to pressure from the European Union.

Deputy Trott cautioned that there was a "fine line" with the regulatory process's independence.

He said: "We are going to take a more active role in suggesting how the regulatory processes should be undertaken.

"But there is a very fine line between that and interfering with the independence of the regulatory process.

"The international monetary fund have been here recently assessing our regulatory conditions and no doubt they will report favourably."