The Jersey Financial Services Commission reveals in its recently published annual report for 2004 that it is currently in talks with the Economic Development Committee, which has political responsibility for the regulator, to see how it can open its door to an independent auditor to see whether the fees paid by companies to fund its activities are being spent wisely.
And if an individual or firm wishes to make a complaint against the commission, it plans to set up an independent body to see whether that complaint is justified.
At the moment complaints made against the JFSC are heard by its director general and any appeal is heard by the chairman of the commissioners, Colin Powell.
‘One of the key aims for 2005 will be to improve our accountability,’ said the commission’s director general, David Carse.
‘We need to be adequately resourced to carry out its responsibilities but at the same time we are keenly aware of the need to limit the burden on industry by making sure that its resources are used as effectively and efficiently as possible.
A lack of an independent body to hear complaints was one charge levelled at the commission in April by the chairman of a Jersey trust company, Barry Shelton of Anchor Trust, who made all of his staff redundant after failing to be licensed by the regulator.
