‘We don’t target smaller businesses’

THE Island’s financial regulator has denied it is biased against small firms, in response to comments made in a survey of industry members.

JFSC director general John Harris
JFSC director general John Harris

THE Island’s financial regulator has denied it is biased against small firms, in response to comments made in a survey of industry members.

The survey was commissioned by the Jersey Financial Services Commission itself but some of its outcomes must have made uncomfortable reading for director general John Harris and his team.

Among them was a claim that the regulator treats small firms unfairly in comparison into how it deals with the big boys of the sector.

But that has been dismissed as inaccurate by Mr Harris, who said: ‘I don’t think we treat firms differently, large or small.’

Comments for: "‘We don’t target smaller businesses’ "

Darth

Then why did the survey come back saying you do? The industry you regulate has overwhelmingly come back stating one thing and Mr Harris has dismissed it as inaccurate. Shall we start making up all of our facts now?

Art Lelai

You don't just treat small firms differently, you revoke their licenses so they are easy meat for takeovers by the larger firms.

It is a deliberate ploy because the smaller firms are easier to threaten and intimidate to justify your hyper-inflated salaries than the bigger firms upon whom you are dependent and who aren't afraid to just walk away from Jersey.

JFSC is less effective than regulators in London or New York and they are simply apologists for wholesale fraud.

gino risoli

Really, what about ISE companies that do not pay their fair share of GST taxation.

Fs employee

You've completely missed the point of what is being talked about. This is about how the regulator of financial services firms is perceived to not be crawling all over a certain bank that the telegraph ran stories about but is all over small locally owned/ran trust/IB firms.

Your point re taxation of ISe's should be directed at the treasury minister.

gino risoli

And why is it that zero rated companies who do not pay GST on their profits such as banks property developers and others not pay GST on local goods and services unlike other jurisdictions.

gino risoli

Why, because greed has no limit.

Bean Abroad

Head in the sand approach. All those professionals in the industry must be wrong.

Es

Mr Harris ou must be joking!!!

Entrebugner

You have to ask yourself as an enterepreneur in the financial services sector, would you start a new trust company here?

Well 12 years ago I knew the answer was no and now the answer is a double no. Does that mean the finance industry is healthy in Jersey? Just the same answer. No way.

Roy

You must think people are stupid Mr Harris.

It's been like that for years. It's not what you know, more like who you know!

plagne

If you look at the ease that the big firms can do anything here by comparison with a small one. Staff expansion one example.

The HSBC publicity recently is an example of how silly it is to have your eggs in one basket.

Yes one man band trust companies did go wrong from time to time but what is required now by Financial Services is beyond the capacity of only the very richest of trust clients.

Mogit

"We don't target smaller businesses" - because we prefer to deal with the big players !!!

perhaps that is how it should have read.

City Boy

The survey is correct because the JFSC lets large banks trade on their balance sheet value rather than check their compliance function.