The Guernsey financial regulator has told consumers it is up to them to read banks' financial accounts to check if it is safe to deposit their savings.

Offshore savers are financially sophisticated and should be expected to study the finances of the island's banks to see it they are safe, according to the Guernsey Financial Services Commission (GFSC). The warning comes after the collapse of Landsbanki Guernsey in October 2008, which streamed money backed to its parent onshore bank leaving its offshore savers out of pocket. . .

The advice from the GFSC has been ridiculed by one offshore saver. ‘It begs the rather obvious question: what on earth is the regulator for, if they're telling the public ‘figure it out for yourself.'  12-Mar-10.

http://www.citywire.co.uk/adviser/-/news/regulation-training-and-competence/content.aspx?ID=387193