Minister: Finance industry has been let down by the States

THE finance industry and its regulator have been ‘let down’ by the States, according to former Bailiff and now Assistant Chief Minister Sir Philip Bailhache.

Sir Philip (left) with JFSC director general John Harris, one of the speakers
Sir Philip (left) with JFSC director general John Harris, one of the speakers

THE finance industry and its regulator have been ‘let down’ by the States, according to former Bailiff and now Assistant Chief Minister Sir Philip Bailhache.

He said that the States had not adopted clear policies that the regulator could apply in balancing the industry’s need to do business in far flung places while maintaining the Island’s reputation for probity.

He said that there was a lack of policy direction from the States and that the Jersey Financial Services Commission was ‘piggy in the middle’.

However, he said that he believed the current States was finding ways of overcoming those problems.

But he added: ‘It is a hard nut to crack because it goes to the heart of the way in which our governmental system operates.’

Sir Philip made the comments while he was chairing a debate arranged by the Institute of Law, on the future of the trust industry held at the Town Hall recently. Sir Philip is chairman of the Institute’s governing body.

Comments for: "Minister: Finance industry has been let down by the States"

James Wiley

Just when Bailhache was beginning to earn my respect he proves he has not got a clue.

Jersey has no reputation for probity except in the eyes of the JFSC.

He appears to think the States should be telling the finance industry how to run their business.

Euan Mee

"Jersey has no reputation for probity except in the eyes of the JFSC"

And the eyes of every international standard setter who has come in and examined the Island in detail.

But, of course, you know better than them James....

James Wiley

I'm glad you recognise that, thanks.

What governments consider 'good practice' invariably is not good for anyone else particularly the finance industry and their customers.

What the customer considers 'good practice' is total discretion.

You can cater to governments, but then you will not have any customers as we are finding out.

Mark

Euan, glad you agree with James. Spot on.

Propaganda

Rob Duhamel should read this.

An example from the expert that is Bailhache in how to read your audience and say what they want to hear.

It doesn't have to come even remotely near to being factually correct just as long as it makes them and you feel good.

"let down by the states" really?

Some one with more time than me can show the massive budget increases Jersey Finance ha shad since it was formed, meanwhile Education and Health face cuts, laughable really.

The future

Jersey is either on a countries banned list or they are on our banned list. It's a joke trying to get new business into Jersey.

Euan Mee

Jersey is not on any country's "banned list". More drivel from the illiterati...

archi

For those who look to 'mon Phl'ip as the 'saviour of Jersey' are going to be delusioned.

If you ain't heard it yet 'finance in Jersey et fini'.

We would be better off listening to Deputy Duhamel and start setting up alternative economies.

For all those on benefit give them knitting needles to knit Jerseys, years ago everybody in Jersey had to knit Jerseys, I am only suggesting the unemployed or 'underemployed' as suggested by Social Security, a few senior civil servants could knit in between tea breaks.

Sea weed as an alternative economy, green/eco production of electricity are a couple of good ideas from Dep. Duhamel. I do not know about 'refuse tubes' under the road, but again it would create work for hundreds of road diggers and engineers and do away with 'dust carts' waking me up at 6 o'clock every morning.

Good on you Deputy Duhamel, at least you have not cost Jersey millions, like Ozouf, McLean and Bailhahce, oh! not forgetting Gorst, his flight costs alone must be up there somewhere.

Wrecker

Well said! Deputy Duhamel is futuristic and realistic.

gino risoli

Philips career gave him every opportunity to establish a much better states chamber but he has failed us. his proposed reforms will also fail us. what is required is a good dose of government accountability. Judges get confused with God, perhaps this is the problem.