FINANCE firms which fail to adhere to the required standards should be ‘named and shamed’ more often, says the Island’s regulator.
David Carse, director general of the Jersey Financial Services Commission, says a more ‘transparent’ approach may be more appropriate and that the finance companies themselves should also be more open about their accounts and risk management.
The comments follow recent findings that some firms in the expert funds sector have not been carrying out sufficient ‘due diligence’ checks on investment managers based outside the Island.
Speaking at a seminar lunch last week attended by representatives of several high-level organisations, including the International Monetary Fund (IMF), the Financial Services Authority and the Basel Committee on Banking Supervision, Mr Carse said good regulation required three types of discipline: self-discipline within firms, market discipline from stakeholders and shareholders, and regulatory discipline.
Article posted on 12th July, 2006 - 12.00am
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