PRESS RELEASE 27 February 2007

Value for Money Review

In early 2006, the Jersey Financial Services Commission (the “Commission”) invited the Comptroller and Auditor General (“CAG”) to undertake a value for money review of the Commission and its activities. The CAG has today published his report on that value for money review (“VFM Report”).

John Harris, the Director General of the Commission stated, “The Commission welcomes the VFM Report by the CAG and has taken note of its conclusions and recommendations. Of particular note to us and no doubt also to the finance industry is the conclusion reached in the VFM Report that the Commission is unlikely to be able to realise significant cost savings in carrying out its remit. The Commission will now consider the VFM Report in full and will, in due course, issue a response that will include the actions to be undertaken to address its various recommendations.

In relation to the specific recommendation that the Commission should review its risk management process, the recent appointment of Gary Godel as Director, Risk and Quality Assurance, is directly focused on this and related system application issues, the issue having also been identified by the Commission independently from the VFM review. The subject area also has relevance to preparations for the International Monetary Fund evaluation that is to take place next year.”

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For further information please contact:-

John Harris
Director General
Jersey Financial Services Commission

Tel: + 44 (0) 1534 822011
Fax: + 44 (0) 1534 822001
Email: j.harris@jerseyfsc.org

Notes to Editors.

1. The Terms of Reference for the VFM Review can be found as Appendix 1 to the VFM Report, which Report may be found on the States Assembly website or the CAG’s website