Better Practice Offshore - A Jersey Perspective

by Peter Pexton

The continued success of Jersey as a leading financial centre means its internal controls and regulatory systems must be both workable and capable of withstanding scrutiny under the international spotlight.

This calls for active dialogue between practitioners and regulators to ensure a consensus approach. Professional organisations, such as the Jersey Branch of STEP, have been happy to play a full part in the wide-ranging consultation process established by the Jersey Government with the finance industry.

Deregulation is widely promoted as the magic ingredient to breathe new life into a flagging economy. Cut red tape, demolish restrictions and profits will flow with the new found freedoms. Paradoxically, in the thriving financial services sector, regulation and compliance seem to be the new growth industry, particularly in Europe. Jersey is no exception, with local law drafting in overdrive, producing a raft of new legislation.