Wed, Jul 29, 2020

Ed Shorrock Speaks to Jersey Finance About Jersey's Future-Proof Model of Regulation and Economic Substance

Ed Shorrock, Director in Duff & Phelps’ Compliance and Regulatory Consulting practice, spoke to Jersey Finance about how the economic substance measures have affected where clients are choosing to do business.

Ed commented: “In broad terms, regulatory trends are leading to a ‘flight to equality,’ and the move towards increasingly robust legislative and regulatory frameworks has largely, but not exclusively, been driven by the response to the financial crisis.” 

Ed added, “One key area many firms are looking at is how the reliance on paper can be reduced when identifying and verifying individuals’ identities as part of customer due-diligence processes.”

“In a small community there is always going to be risk of what is termed ‘regulatory capture, i.e. the regulator acts in the interests of the financial services industry rather than carrying out its wider remit of countering financial crime – but this is certainly not the case in Jersey. The Jersey Financial Services Commission has a board comprised largely of individuals who are external to the island and who bring a high degree of independence.” 

Read the full article here.