CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Jersey Responds to Edwards Report

Jersey Responds to Edwards Report

22 November 1999

The report published last week by the Jersey States' task force into the Edwards Report includes a number of recommendations that will affect the island's offshore sector, including a new depositors' protection scheme. The scheme will provide compensation to investors in the event of a major collapse by a Jersey-based bank or finance company, with the burden being spread across industry members.

In addition to the depositors' protection scheme, the Task Force report also recommended:

  • A financial ombudsman should be established;
  • The Jersey Financial Services Commission should be free of Government control;
  • A new financial crimes unit should be established; and
  • New bankruptcy laws should be introduced to allow financially troubled companies to keep operating by going into administration.

The Task Force report rejected recommended changes to Jersey's company reporting requirements and trust laws on the grounds that they are unnecessary.

Commenting on the Task Force report, Jersey Senator Pierre Horsfall said "the Edwards Report has endorsed the fact that Jersey is a major player on the international finance stage where high quality business is independently regulated to international standards. One year on Jersey has emerged from the Edwards Report better placed than ever before to consolidated our position as a leading international finance centre."

It is expected that Guernsey will also announce its response to the Edwards Report by December. The head of the Guernsey Financial Services Commission confirmed that Guernsey's response is unlikely to be very different from Jersey's, and that a deposit protection scheme and ombudsman are also being looked into for Guernsey.


To see today's news, click here.


Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »

Stay Updated

Please enter your email address to join the mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.

To manage your mailing list preferences, please click here »