MP’s comments on GFSC and Arch Cru ‘significant concern’, says Giba
26 Sept 2012

COMMENTS from an MP about the attitude of Guernsey’s financial regulator to the Arch Cru fiasco are a significant source of concern, the Guernsey International Business Association has said.

Alun Cairns, the Conservative member for the Vale of Glamorgan, last week said the Guernsey Financial Services Commission’s ‘cool response’ had seen MPs question whether the Financial Services Authority-licensed status of the Channel Islands Stock Exchange should be reviewed.

Giba chairman Dominic Wheatley, pictured, said the association hoped that any miscommunication between the GFSC and the UK Parliament could be resolved quickly.

‘At a time when our industry is under intense scrutiny and faces often unwarranted criticism by outside parties, it is regrettable that UK MPs are questioning the behaviour of the GFSC in relation to their response to enquiries concerning the Arch Cru case,’ he said.