JERSEY financial services firms are likely to be affected by new regulations published by the UK government.
The Financial Services (Distance Marketing) Regulations 2004 bring the UK into line with the requirements of the European Union Distance Marketing of Consumer Financial Services Directive.
The new rules govern the sale of pensions, mortgages and other products online or by telephone, fax or mail.
A similar directive on the distance selling of all other goods and services came into force in the UK in 2000 and the Jersey law drafting office is currently working on new legislation to bring similar rules into force here.
Andrew Le Brun, director for international policy at the Jersey Financial Services Commission, said that although he was not aware of any moves to follow the UK in terms of the financial services directive, it was likely that Island firms would need to be aware of the new regulations if they were selling financial services in the EU.
Article posted on 17th August, 2004 - 12.00am
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