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Press Release - 10 May 2001

2000 ENDS WELL FOR JERSEY

The Jersey Financial Services Commission has ended 2000 on an upbeat note. In their Annual Report, just issued, the Director General, Mr Richard Pratt, states that the Commission has met its main priorities in these areas:

  • Continued to gain increased international understanding of Jersey's regulatory standards;
  • Completed the regulatory regime for investment businesses - and, following extensive consultation with the local finance industry, introduced a comparable regime for trust company businesses

In addition the Commission has started to develop proposals for commercial legislation.

The Commission Chairman, Colin Powell OBE, states: "Throughout 2000 the Commission has continued to maintain the Island's position as an international finance centre with the highest regulatory standards….ensuring that confidence in Jersey's role is retained among the international regulatory community, in the international marketplace, and in the Island community".

Key events of 2000 included:

A successful outcome to reviews by the Financial Action Task Force (FATF) and Financial Stability Forum (FSF)

Achieving Qualified Intermediary status with the Inland Revenue Service of the United States - which will greatly simplify documentation requirements for Jersey intermediaries

Joint consultations with the Financial Services Commissions of Guernsey and the Isle of Man in order to ensure consistency on anti-money laundering and financial crimes regulations in all three Crown Dependencies.

On a purely financial note, bank deposits and funds under management both continued to grow strongly during 2000 - reaching new high levels by the end of the year of £117 billion and £90.8 billion respectively.

For further information contact:

Richard Pratt
Director General

Tel: + 44 (0)1534 822011
Fax: + 44 (0)1534 822001
E-mail: r.pratt@jerseyfsc.org

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