Views sought on moves to simplify finance codes

Tuesday 19th April 2011, 3:00PM BST.

International and policy director Andrew Le Brun

FINANCE firms are being asked for their views on moves designed to make it simpler and cheaper to comply with mandatory rules that govern the way they do business.

And if the proposals are put in place, then it is likely the process should be streamlined not only for industry practitioners but also for the regulator too.

The Jersey Financial Services Commission has issued a consultation document on codes of practice that regulated firms must abide by if they conduct financial business in the Island.

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1
Sanity

April 20, 2011 at 10:18 pm

At least the JFSC appear to admit what the industry has been telling them for many years, that their existing codes are overly complex and expensive to implement. As a result Jerseys finance industry has been at a considerable disadvantage for a number of years and this has been an unreported factor behind so many firms moving out. At least our current recession has had some positive results although it just seems perverse that we have to pay these civil servants even more money put right what they messed up in the first place.

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2
Dave Jones

April 21, 2011 at 12:02 pm

That’s an easy one. Get rid of the JFSC and its rulebook/associated laws and replace it with a compulsory insurance based scheme. The only thing they should be regulating are the deposit takers.

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3
scouser

April 21, 2011 at 11:50 pm

Er did you get consent for that permission for that permit which gave you consent for the approval under the codes which were governed by the law which needed to be examined with a PEMS so that we could approve the license permit under which a discretionary permit was consented for by the fee which paid for the permit. Friggin ‘ell, reckon laying bricks is alot easier

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