A HOUSE of Commons Treasury Select Committee inquiry which could have major implications for the Island’s finance industry is holding its first public hearing tomorrow.

Jersey’s finance industry and the Chief Minister’s Office have already made written submissions to the committee, as have representative organisations including the Association of Investment Companies in the UK and the Society of Trust and Estate Practitioners.

The Treasury Committee will also be visiting Jersey next week on a fact-finding exercise.
The members include eight Labour Members of Parliament (Nick Ainger, Jim Cousins, Sally Keeble, Andrew Love, the Rt Hon John McFall, George Mudie, Sion Simon and Mark Todd), four Conservative MPs (Graham Brady, Philip Dunne, Michael Fallon and Sir Peter Viggers) and two Liberal Democrats (Colin Breed and John Thurso).

As previously reported, the inquiry is part of an investigation into financial stability and transparency which began last year in the light of volatility in the financial markets. In particular there is concern about the impact of the sub-prime mortgage crisis on financial institutions like Northern Rock.