Guernsey Welcomes Mutual Recognition Call In Think Tank Report

Calls from Guernsey for greater mutual recognition of financial regulatory standards have been endorsed in a new report from an independent think tank.

The Institute of Economic Affairs has made the recommendation as part of a report on improving global financial services regulation and fostering economic growth and innovation after the UK leaves the European Union.

The IEA has also called for the reinstatement of Section 270 of the Financial Services and Markets Act 2000, which offered a marketing route into the UK for non-UCITS funds that was well-used by Guernsey funds before the introduction of the EU's Alternative Investment Fund Managers Directive.

"The UK should also actively encourage investment funds presently managed from London but domiciled in the EU to move their domicile back to the UK, Crown Dependencies or Overseas Territories," the report stated.