THE Jersey Financial Services Commission is planning to increase the number of visits that it makes to Island financial services firms by a substantial margin.

The JFSC’s business plan for the next three years indicates that whereas there were 197 on-site examinations in 2008, at least 227 are scheduled for this year. This increase – which in practice could mean up to 250 visits – is in line with priorities for 2009 listed in the plan.

In particular, stepping up examinations tallies with the declared aim of ‘protecting and enhancing the Island’s reputation and integrity in commercial and financial matters’.

Indeed, the measure can be seen as part of the response to hostile outside attitudes to Jersey as an offshore centre and as part of the preparation for the UK’s planned review of the Crown Dependencies.
In common with Jersey Finance Ltd and government, the JFSC will be eager to do as much as possible to counter the pejorative effects of Gordon Brown’s recent speech to the US Congress in which he made specific mention of what he described as ‘offshore tax havens’.

Although the Island’s financial services professionals and senior government figures consistently reject the tax haven label, Jersey could suffer damage by loose association with less well-regulated jurisdictions.

Pictured: The JFSC’s headquarters in Castle Street