THE director general of the Jersey Financial Services Commission, David Carse, has hit back at criticism of the level of regulation in the Island.
Speaking to the Jersey branch of the Institute of Directors last month - his first public speaking engagement since moving to Jersey from Hong Kong in November - Mr Carse addressed the main concerns which had been brought to his attention since his arrival.
e said that a number of people in the finance industry had expressed the view that the commission was over-regulating and thereby threatening the competitiveness of the industry.
here were also concerns that the commission was ‘too much at the cutting edge’ of international standards and that the regulator should be doing more to help to develop new business.
n particular, there had been ‘occasional friction’ with the industry over the Position Paper introduced in 2002 which is shortly to be modified in line with recent recommendations by the Financial Action Task Force.
The regulation of trust companies had also been questioned.
owever, Mr Carse said: ‘Jersey has been a pioneer in taking this step, but I must say I feel that it has been fully justified.
In general, I would dispute the claim that the commission over-regulates.
Article posted on 12th March, 2004 - 12.00am
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