UK look at financial services

By Andy Sibcy

ANY part Jersey companies might have played in the collapse of Northern Rock will go under the microscope this week during a two-day fact-finding visit by the UK Treasury Select Committee.

A delegation of six MPs arrived in the Island yesterday to find out more about the way Jersey’s financial services industry affects international economic stability.

They have been asked to look into the matter by the UK government to try to prevent a repeat of the credit crunch. The committee will also be asking questions about the transparency of the industry and how it complies with international best-practice standards.

At a press conference yesterday, the Rt Hon John McFall, who chairs the committee, said that the visit to Jersey was part of a much wider look at offshore finance centres. ‘We are very keen to ensure that appropriate international measures are adopted to ensure financial stability,’ he said.

• Picture: Chief Minister Frank Walker with committee chairman the Rt Hon John McFall

Article posted on 8th July, 2008 - 3.00pm

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