Regulator gives fund firms a rap on the knuckles

Friday 14th July 2006, 12:00AM BST.

FUNDS businesses have been rapped over the knuckles by the Island’s finance regulator.

A letter posted on the Jersey Financial Services Commission website says some firms have not applied ‘sufficient rigour’ under the Expert Funds application process.

And it warns that although the regulator is willing to reduce the burden of red tape on the funds industry, where possible, firms themselves must be responsible and apply the required checks and balances.

The Jersey Funds Association has been pressing for more relaxed regulation in order to compete with other finance centres.

In response, the commission has issued two consultation papers this year, one on the deregulation of non-domiciled funds and the second on the proposed transfer of the regulation of functionaries from the Collective Investment Funds Law to the Financial Services Law.

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