Jersey ‘should end culture of uncertainty in trust industry’

THERE is a need to change the relationship between the financial regulator and the trust industry to end a culture of ‘fear and paranoia’, so says the head of one of the Island’s biggest trust firms.

Peter Murley, of Hawksford, speaking at the debate
Peter Murley, of Hawksford, speaking at the debate

THERE is a need to change the relationship between the financial regulator and the trust industry to end a culture of ‘fear and paranoia’, so says the head of one of the Island’s biggest trust firms.

And Peter Murley of Hawksford says that there are a whole host of measures that could be taken to improve communication between practitioners and the Jersey Financial Services Commission.

Speaking at a debate on the future of the industry staged by the Institute of Law, Mr Murley said that many in the sector were operating in an environment of uncertainty.

‘They don’t know when they decide on something if it’s right or wrong. They don’t know if those responsible for the enforcement of the industry are going to turn up and close them down,’ he said.

Comments for: "Jersey ‘should end culture of uncertainty in trust industry’"

Ben

"Environment of uncertainty", climate of fear more like.

"Enforcement" appears to be the only game in town for the JFSC, there is no attempt to work with businesses and woe betide those that are independent without private equity backing.

Charles Deekee Dee

CDD here again! Watch out all you little trust businesses and get back down in your seats, if you know what's good for you. As they said in France, "let them eat profit margins"

Goodness the trust business is now graced with another brave soul willing to dissent in bowing to the Regulator's whims and fancies. Surely there must be some retaliation from Castle Street but then, it is a dish best served cold, unlike brad worst.

Phil

My initial view was that Peter Murley is a very brave man. Or that Hawksford have a Plan B already in place to transfer all their business from Jersey if the regulator retaliates to the criticism.