Guernsey Regulator Chairs London Offshore Summit

by Jason Gorringe, Tax-News.com, London

14 June 2004

Chairing the recent Offshore Financial Services Summit in London, the Director General of the Guernsey Financial Services Authority Peter Neville said that the jurisdictions' efforts to achieve a level playing field are now beginning to bear fruit.

Commenting on the debate, which involved Helen Hatton, Deputy Director General of the Jersey FSC and Chris Hill of the British Virgin Islands FSC, Mr Neville stated:

"The mood at the conference was up-beat, with recognition that the offshore world faces both challenges and opportunities. The clear consensus was that the only way for a jurisdiction to succeed is to meet international standards and thereby build a strong reputation.”

He continued: “I highlighted the growing realisation amongst the major economies that international financial services centres that meet international standards have to be recognised as co-operative members of the international community. Guernsey's efforts to achieve a level playing field are beginning to pay off with improvements in our international relations which should lead to positive practical outcomes for the finance industry.

“When it comes to the competitiveness of Guernsey's financial services businesses, we have a good story to tell, but we cannot afford to be complacent. It is essential that the message is broadcast loud and clear. Overall the conference was an excellent opportunity to showcase Guernsey's open and flexible approach to business with a regulatory framework which ensures the maintenance of our excellent international reputation

“From the Commission's point of view, I informed the conference that we will continue to carry on our work with the international regulatory associations to make sure their standards are realistic, take account of the features of business in Guernsey and do not hinder it. We will also carry on working with industry and the government to facilitate and foster the development of good ideas and good business, to safeguard the economic future of Guernsey.

The Commission contributes to this by setting standards which are realistic and by then supervising the industry in a way which is pragmatic and avoids undue bureaucracy," Mr Neville concluded.

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