Treasury Minister Philip Ozouf

BY 2020 there will be a competition and utilities regulator covering both Jersey and Guernsey, the Island’s Treasury Minister has predicted.

Senator Philip Ozouf has long expressed the view that the Channel Islands should work together, particularly in terms of regulation. This would make doing business easier for companies which have a presence in both islands and present a unified front internationally.

Currently, Jersey and Guernsey work entirely independently of each other in terms of both competition and financial services regulation. Each bailiwick has its own laws and supporting legislation, which means that companies operating across the islands need to put separate – and often different – procedures and systems in place.

Speaking ahead of the IOD annual debates – at which he will be a panelist – Senator Ozouf forecast: ‘By 2020 we will have emerged from the economic downturn and reinforced our position as one of the world’s leading international finance centres, providing services to an increasingly international market.’