Offshore market threatened with "bleak future"

FSA chairman Howard Davies has warned offshore centres they face a bleak future if they do not do more to demonstrate they can and do meet international standards of best regulatory practice. Speaking to an audience of financial services officials in the Isle of Man last night, Davies says: "The political temperature of the offshore centre question has risen sharply in recent months. Political leaders in the G7 economies, in particular, are very concerned by what they see as dangerous gaps in the world's defences against financial crime and financial instability. The tragic events in ...