Guernsey financial regulator to change after review

The Guernsey Financial Services Commission will appoint a chief operating operator, after the move was recommended in an independent review.

Ernest and Young undertook a six-month assessment of the financial regulator.

It found a need for someone to manage the day-to-day operations and for the commission to report to just one States department.

The commission's Director General Nik van Leuven said making the recommended changes was a priority.

However, he warned the appointment of a chief operating officer may take several months.

The review also called on the States to develop a clear strategy for financial services in the island.

The commission is responsible for regulating and supervising financial services in the island and upholding the international reputation of Guernsey as a finance centre.