The FSC has published its Annual Report for 2004 which is available for
download from its web-site.
The Commissioner's report on the activities of the FSC during 2003/2004
highlights the major events that the Commissioner and his staff have been
involved in. The Commission's duties are also clearly laid out and how the
work of the Commission is geared towards meeting its Statutory and
Regulatory Objectives. The Commission has also, for the first time,
published how it considers that the statutory requirement to meet UK
standards is achieved.
The Commissioner, Marcus Killick, commented that:
"During the year the FSC has began the process of undergoing a
fundamental change in its supervisory approach with the introduction of
regulatory objectives and an industry-wide risk assessment process. This has
necessitated changes in the way in which we operate internally as well as
the recruitment and training of additional staff members.
This process is not yet complete but I hope the benefits of the changes
will become increasingly visible as time goes on.
I would like to thank all my staff as well as the Members of the
Commission both for the support that they have given me as well as hard work
that they have undertaken."
The report also sees a change from the format of previous years primarily
to reflect the growing importance of the Commission's web-site as the main
source of information for regulatory issues. The report, for example, no
longer lists the firms which are authorised under the various Acts as
this has been replaced by an up to date search engine that is available on
the FSC web-site.
The report can be downloaded from
http://www.fsc.gi/fsc/annualreports.htm.