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Compliance Conference Reflects Rapid Pace of Regulatory Change

Tax-news.com

01 May 1999


EIGHTY delegates from the different areas of the Island's finance sector attended this year's Compliance conference at the Stakis hotel, organised by the Compliance Register and sponsored by KPMG. The day long event was followed by a half day workshop to enable participants to get to grips with genuine case studies.

David McGarry of KPMG commented on the dramatic increase in attendance, and stressed that the event was taking place at a time when the pace of regulatory change and development appeared to be ever quickening. Speeches were made by the chief executive of the Financial Supervision Commission John Aspden, and his opposite number at the Insurance and Pensions Authority Dr Bill Hastings. The two regulators were followed by Ben Goh, managing director of Financial Services Compliance Limited, and Lynn Keig, the Island's Data Protection Registrar. After the lunch break delegates heard from the head of supervision at the FSC, John Bourbon, who focused on the implications for compliance of the changes introduced by the Banking Act 1998. He also addressed the key area of money laundering guidance notes, and the way forward.

KPMG's own regulatory and compliance team made their own contribution under the provocative title: 'Can compliance be left to the compliance department.'

Chris Kelly, operations development director for Natwest Offshore represented the banking sector, and provided a multi-jurisdictional view of regulation. He said regulation protected the customer, helped control risk and encouraged high standards of business professionalism. However, he warned against duplication of regulation as a burden on business, and appealed for the use of clear English in drawing up legislation. Praising the practice of consultation between regulators and industry he argued that partnerships between the two were the only way forward in an era of increasing regulatory pressures: 'We have to be sure regulation is introduced without stifling business - enabling good business, cost effective business and acceptable risk to take place,' he said.

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