The Jersey regulator has warned that the island risks deterring potential investors if it becomes...
The Jersey regulator has warned that the island risks deterring potential investors if it becomes too obsessed with regulations.
David Carse, Director General of the Jersey Financial Services Commission, called for a "balanced approach" to the regulatory environment.
But he dismissed suggestions that he was taking a softer line than his predecessor Richard Pratt favoured during his time in charge.
"His job was to build up the regulatory structure virtually from scratch over five years," he said. "There's now a feeling that it's time to sit back and consolidate, but this would have been the case whoever had been in charge."
Carse, who has been in the post for six months, said the most difficult task was making sure an acceptable balance was upheld to keep everyone happy.
"It's very important for an island like us to get it right because the stakes are high," he said. "You could end up with a very good regulatory environment but it wouldn't matter because you've driven them all away."
An example of this business-friendly attitude is the Jersey expert fund, which can take any form recognised under the laws of Jersey, and can now be established in a matter of days due to the island's newly introduced streamlined process.
Putting the tech into protection
Square Mile’s series of informal interviews
Fallout from Haywood suspension
Launching later in 2019
£80bn funds under calculation