The Jersey Evening Post reported on Tuesday that the jurisdiction's Financial Services Commission wants to extend its powers to punish companies which conduct unauthorised investment business by imposing fines.
The newspaper revealed that at present, the Commission is only permitted to issue a public statement about the offending service provider in the Jersey Gazette.
However, according to JFSC Director-General, Richard Pratt this is no longer enough.
Although a public shaming may prove sufficient punishment for large, or well-known companies conducting the majority of their business on the Island, it is unlikely to prove a deterrent for small companies based in Jersey but operating elsewhere, as their customers are unlikely to see the statement.
That, the Commission chief told the Jersey Evening Post, is why the regulatory body needs the power to impose fines.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment