The GFSC has today published a Policy Statement and accompanying paper setting out its approach to the thematic review of EIF Directors.
The Statement sets out the GFSC’s expectations of the approach Directors of EIFs should take to their role and responsibilities as Directors. The Paper explains what directors can expect from the thematic review and the broader outcomes we aim to have achieved at the conclusion of the review.
Samantha Barrass, CEO, is today giving a speech at GACO’s Risk Awareness Week, where she will cover the risks that poor standards can pose to consumers, the financial services sector and to the jurisdiction if EIF Directors do not carry out their duties properly. Mrs. Barrass will explain how the GFSC’s work will focus on making sure that all directors conduct the role effectively and competently, supporting a well-controlled environment for EIFs activities.
Commenting on the review, Mrs. Barrass notes, “the purpose of this review is to work towards reducing the risks that arise from poor conduct by some EIF Directors. We are clearly setting out our expectations of the approach EIF Directors should take to their responsibilities and will be reviewing EIF Directors’ compliance with those standards. The review represents a focused use of our resources towards effectively and efficiently carrying out our regulatory responsibilities and strategic objectives”.