Guernsey Financial Services Commission to consult with industry

The Chief Transformation Officer (CTO) recently appointed to the Guernsey Financial Services Commission (GFSC), Tim Loveridge, has now taken up his role.

Ernst & Young’s Independent Evaluation Review (IER) of the GFSC made reference to one of the projects that was already underway; the production of an ‘extranet’ – that is electronic communication of data between licensees and the Commission.

Mr Loveridge will now form a working party including members of the financial services industry in order to take into consideration their views as the new system is developed.

Members of the Guernsey International Business Association (GIBA) have been consulted and several of them will join the working group to make the views of industry known at an early stage.

Mr Loveridge said:

“This is a great time to join the Commission and get involved with the projects that are in progress following the Review.

“It’s important for industry practitioners to be involved in the development of the new processes we are implementing to ensure that we come up with a workable solution for everyone involved.”

Dominic Wheatley, GIBA Chairman, said:

“We are fully behind the Commission in bringing their reporting infrastructure up to date. We welcome Mr Loveridge’s appointment and the focus and experience that he will bring to this important project, and we look forward to working with him and the working group.”

Mr Loveridge will oversee the implementation of the IER recommendations and lead change management initiatives and project work.

Since the recommendations of the IER were announced in December last year, the Commission has made their implementation a priority.

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