Guernsey Finance Industry Awaits Survey Results

by Philip Morton, Investors Offshore.com

28 February 2003

The results of a detailed survey of Guernsey's finance sector sponsored by the Advisory and Finance Committee, the Financial Services Commission and the Guernsey International Business Association should be available next month - but not to the financial community itself, according to a report from the Guernsey Press and Star.

The study was commissioned in March 2002, and Advisory and Finance president, Laurie Morgan announced at the time that the results would be used to shape future policy, particularly with regard to EU initiatives such as the code of conduct on business taxation.

According to Peter Rose, chairman of the Association of Guernsey Banks, the finance sector has been anxiously awaiting the results of the study, which he estimated larger institutions needed between one and two weeks to complete, for some time now. Whilst acknowledging that the results should, of course, have been assessed thoroughly, he told the local newspaper that:

'They should have kept us better informed. I think people in the industry are a bit disappointed that it has taken so long.'

In a joint statement, the three co-sponsors of the survey announced that a presentation of the results will be made to the finance industry in May.

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