Retiring Lloyds Offshore Private Banking MD Warns On Over-Regulation

by Philip Morton, Investors Offshore.com

20 May 2002

In an interview with the Guernsey Press and Star last week, the retiring Managing Director of Lloyds Offshore Private Banking issued a warning to the Guernsey government over pioneering new financial services legislation.

'Guernsey is clearly in the premier division of offshore finance centres and I see no reason why it should not continue to prosper,' John Margison told the newspaper on Thursday. However he added that: 'I would be concerned to see the island leading the field in regulation only to find that others not following, or simply improving on the work we have already achieved.'

'Regulation is right and proper, but all centres should be operating on a level playing field,' he continued, perhaps referring to the seemingly inequal treatment of EU members and non-members with regard to the ongoing savings tax information exchange dispute.

According to the Guernsey Press, Mr Margison has been with Lloyds in the Channel Islands for 35 years, joining the Lloyds Executor and Trustee Cmpany in Jersey in 1967.

'I came to Guernsey when finance was in its infancy and I have been proud to have been a part of the phenomenal growth that we have experienced during the last 25 years,' the outgoing MD told the newspaper.

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