Comment on the findings of the Foot Review of British Offshore Financial Centres

Geoff Cook, chief executive of Jersey Finance, commented:

‘This latest review has demonstrated once again that Jersey’s financial services industry has good resilience in the face of a severe economic downturn, and that it has a regulatory regime of a high international standard, capable of evolving to meet changing global requirements.  The positive findings of the British Offshore Financial Centres Review are a further endorsement in a year during which Jersey has been placed on the ‘white list’ by the OECD for meeting agreed international tax standards and been classed by the IMF in the ‘top division’ of international finance centres, for the quality of its regulatory and supervisory regime.

‘We wholeheartedly support any efforts to strengthen the regulatory and supervisory oversight of the global financial services industry in the wake of the unprecedented financial crisis, and Jersey’s financial services industry will continue to co-operate in any independent reviews and assessments that help to demonstrate our stability and effectiveness. Jersey has ably shown, time and time again, that its finance industry applies the highest standards of corporate governance, transparency and sound regulation.’