Minister: Finance industry has been let down by the States
Saturday 23rd February 2013, 3:00PM GMT.
THE finance industry and its regulator have been ‘let down’ by the States, according to former Bailiff and now Assistant Chief Minister Sir Philip Bailhache.
He said that the States had not adopted clear policies that the regulator could apply in balancing the industry’s need to do business in far flung places while maintaining the Island’s reputation for probity.
He said that there was a lack of policy direction from the States and that the Jersey Financial Services Commission was ‘piggy in the middle’.
However, he said that he believed the current States was finding ways of overcoming those problems.
But he added: ‘It is a hard nut to crack because it goes to the heart of the way in which our governmental system operates.’
Sir Philip made the comments while he was chairing a debate arranged by the Institute of Law, on the future of the trust industry held at the Town Hall recently. Sir Philip is chairman of the Institute’s governing body.