‘Modest’ changes ahead’

Monday 28th September 2009, 3:00PM BST.

JFSC director general John Harris

CHANGES in the way Jersey’s finance industry is regulated will be ‘modest rather than major’, according to the director general of the Jersey Financial Services Commission.

John Harris says that the Island already has stringent methods for monitoring finance so there would be no need for drastic change.

Speaking at a seminar on Wednesday he said that, while other jurisdictions may have to implement new regulations, Jersey will not be in line for major reform.

‘Changes will be evolutionary in Jersey,’ he said. ‘Much of the world revolution will not affect us here. We will need to further refine things that we are already doing. In some areas we will have to reflect international changes because we can’t compete in a world market if we don’t meet international standards. It won’t be major change in Jersey, it will be modest change.’

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