States Of Jersey Appoint Finance Adviser

by Jason Gorringe, Tax-News.com, London

09 April 2002

The States of Jersey have appointed their first ever policy adviser on the finance industry, according to reports.

NatWest Offshore CEO, John Harris, will take up the role on April 15, and will report directly to the Finance and Economics Committee. Mr Harris will be helping to devise a strategy for the future of the finance sector, identify new business opportunities, and will also advise the Policy and Resources Department on changes in international policy likely to affect the Island's finance centre.

The position was created as the result of an Edwards Review recommendation, which stressed that the jurisdiction's Financial Services Commission should be independent of the political structure, and should only provide advice on specific regulatory matters.

Speaking to the Jersey Evening Post last week, Mr Harris, who is taking an 18 month secondment from supervising NatWest's offshore banking activities in several jurisdictions, explained that part of his role will be to liaise with the States, the Financial Services Commission, and other bodies connected to the financial centre, such as Jersey Finance Ltd.

He told the newspaper that although the jurisdiction's recent removal from the OECD blacklist is a good foundation on which to build, and the Island is recognised as maintaining a high standard of industry practice and regulation, there is still work to be done.

'I believe that the development of the finance industry is of real importance to everyone in Jersey, and I mean to take on the challenge with diligence and energy and make a telling contribution,' he pledged last week.

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