GFSC signs MoU with Bank of England 20 April 2018Saint Peter Port Reporter: Jenna Lomax
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The Guernsey Financial Services Commission (GFSC) has signed a memorandum of understanding (MoU) with the Bank of England (BoE).
The MoU will allow both parties to share confidential information about regulated entities and formally co-operate on other supervision activities.
The new agreement is a reaffirmation of a long-held relationship between the Guernsey regulator and the BoE’s Prudential Regulation Authority (PRA).
The PRA is a part of the BoE and responsible for the prudential regulation and supervision of banks, insurers and major investment firms.
The agreement was signed by William Mason, GFSC director-general and Sam Woods, deputy governor at the BoE for prudential regulation and CEO of the PRA.
Commenting on the signing of the MoU, Mason said: “There is a very productive and good relationship between the GFSC and the PRA, and we see this confirmation as good news for the Bailiwick, demonstrating that we are regarded as credible operators by our main counterparties.”
He added: “The MoU underlines the longstanding regulatory cooperation which has existed for a considerable period of time between the UK and the Bailiwick. It has been signed in the spirit of mutual cooperation and information exchange seen as crucial by the G20 countries and international standard-setters for financial services supervisors.”
Dominic Wheatley, chief executive of GFSC, commented: “A good relationship between regulators in Guernsey and the UK is important for financial services in the island and particularly as both parties seek to reposition the trading relationship post-Brexit.”
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