Jersey ‘should end culture of uncertainty in trust industry’
Monday 18th February 2013, 3:00PM GMT.
THERE is a need to change the relationship between the financial regulator and the trust industry to end a culture of ‘fear and paranoia’, so says the head of one of the Island’s biggest trust firms.
And Peter Murley of Hawksford says that there are a whole host of measures that could be taken to improve communication between practitioners and the Jersey Financial Services Commission.
Speaking at a debate on the future of the industry staged by the Institute of Law, Mr Murley said that many in the sector were operating in an environment of uncertainty.
‘They don’t know when they decide on something if it’s right or wrong. They don’t know if those responsible for the enforcement of the industry are going to turn up and close them down,’ he said.