The innovative spirit and effectiveness of Guernsey’s financial services regulator, the Guernsey Financial Services Commission (GFSC) has again been recognised, with the reaffirmation of its membership of the Global Financial Innovation Network’s (GFIN)’s main Coordination Group.
Confirmation of the reappointment came after a review of the membership of the Coordination Group by the Financial Conduct Authority (FCA) as current Chair and following approval from all network members.
GFIN’s membership has grown rapidly from 12 to 60 since it was launched in 2019, with the GFSC a founding member. The island’s regulator also leads a part of GFIN’s RegTech and SupTech workstream, chairing a working group in developing regulatory reporting globally.
RegTech is use of technology to satisfy regulatory and compliance requirements more effectively and efficiently. SupTech (supervisory technology) is the use of innovative technology by supervisory agencies to support supervision.
GFSC Director of Risk and Operations Katherine Jane said: “Our place on the main coordinating group shows that despite being a smaller jurisdiction, we are recognised as an effective and innovative regulator that can co-operate successfully with larger jurisdictions, aligning with them over cross-border applications for global innovative firms.”
GFIN was created to provide a more efficient way for innovative firms to interact with regulators, helping them navigate between countries as they look to scale and test new ideas. It also created a new means of co-operation between financial services regulators to work on innovation-related topics, sharing different experiences and approaches.
WE ARE GUERNSEY Chief Executive Rupert Pleasant welcomed the news.
“This is further endorsement of the view that we have a flexible, pragmatic and responsive regulator,” he said.
