Listen to smaller firms, regulator urged

FINANCE businesses are concerned that they are not being listened to by the regulator and that small firms are being unfairly treated compared to their bigger cousins, according to the results of a survey published on Wednesday.

JFSC director general John Harris: ‘We want to provide a robust yet flexible service’
JFSC director general John Harris: ‘We want to provide a robust yet flexible service’

FINANCE businesses are concerned that they are not being listened to by the regulator and that small firms are being unfairly treated compared to their bigger cousins, according to the results of a survey published on Wednesday.

The survey also reveals that the industry members can see the benefits in having a joint financial regulator for the Channel Islands. There were a number of comments in the survey that a single regulator could help avoid ‘regulatory arbitrage’, a practice whereby firms capitalise on loopholes in regulatory systems in order to circumvent unfavourable regulation.

However, the Jersey Financial Services Commission says that achieving regulation across the Channel Islands ‘would be more complicated than it may initially appear’. But the JFSC says there has been co-operation on international regulatory issues, for example Basel III and AIFMD.

Full story in Wednesday's JEP

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