J “...expert funds take at least up to eight weeks to set up whilst the FSC’s website suggests an ambitious turnaround time of 72 hours.
policy. I am very concerned that some major players could pull out of Jersey, as they have done elsewhere like Gibraltar and the Isle of Man.
As for investment businesses, I am aware of at least two significant investment businesses coming into the island. The story there is somewhat different.
A: From what you have said, it is clear that you believe the finance sector will not grow in Jersey. We will have to agree to disagree about that. What are your main reasons for this ?
MS: Unfortunately, the increased regulation is here to stay. We can be criticised for not taking a certified copy of a passport and utility bill of our own members of family or a close friend that we have known all our life. Banks are asking old ladies for their source of wealth, despite such customers banking with the bank for more than 70 years and having a better understanding than the customers themselves as to their source of funds.
I believe that another cause of our problems is the use of the word “offshore”. It gives the false perception that we are a tax haven when we are really a low tax international finance centre.
Despite all this, Jersey is still an excellent place to conduct business but it is necessary to focus on different markets where opportunities are starting to emerge. However, Jersey has lost a lot of its “can do” attitude.
A: People were shocked by the suspension of new listings on the Channel Islands Stock Exchange LBG (the “Exchange”). What is your personal view on that?
MS: As a recently appointed director of the Exchange I can only comment on what is in the public domain. What has now happened is that businesses in the islands have realised the importance of the Exchange. There is light at the end of the tunnel. We are very lucky to have the likes of Jon Moulton and Stephen Lansdown as directors of the Exchange. Both gentlemen have dedicated numerous hours of their
20/20 Finance & Investment Page 83
time to turning this business round and I am very excited about the newly incorporated Channel Islands Securities Exchange Limited.
A: It is very easy to criticise but what do you think Jersey can do ?
MS: Jersey should concentrate on being a nice place to live in a relatively low tax environment. It should attract good and ethical businesses to come here.
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