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FSC issues last ever annual report

Financial Supervision Commission issues last ever annual report

The Financial Supervision Commission has issued its last ever annual report about its activities over the past year.

The body which oversees and regulates many facets of the Island’s finance sector, is due to merge with the Insurance and Pensions Authority later this year.

The document also marks another end of an era: as the FSC’s chief executive John Aspden is due to leave at the end of his contract later this year.

In the report, it outlines the plans for the body including regulatory changes planned in the nbext couple of years.

As well as the future, the document also covers the work the FSC has done over the past 12 months.

It says there are eight ongoing investigations into the suspected unfitness of company officers, with two cases currently going through the courts.

Although the Commission hasn’t had to wind up any companies this year, it has recovered half a million pounds in liquidation cases and appointed company inspectors in once instance.

The report also notes the FSC’s carried out one anti-money laundering and terrorism financing investigation over a suspected breach.

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