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Foot review to consider interdependence between UK and offshore territories

Michael Foot’s review of British offshore financial centres will consider the degree of interdependence between overseas financial centres and the UK.

The Promontory Financial Group chairman’s progress report on the independent review was published yesterday outlining its key terms of reference.

In a letter to the Chancellor of the Exchequer Foot says many of the review themes will revolve around the inter-dependence between the UK and the financial centres which he says is manifest in the substantial flows of business from the UK to many of them and vice versa.

He said: “Defining and understanding the implications of these mutual dependencies and any related contingent liabilities will be a key theme of my review.”

The review will centre on the impact on financial centres and on the UK if their prospects are adversely affected and whether the ways in which financial centre currently interrelate might be improved.

The interm report also highlights that it will review the sale of retail financial products into the UK from Crown Dependencies.

It says: “We shall need to review how such products are regulated in the financial centres, in comparison with similar products provided by a UK regulated firm to a UK retail consumer.”

The Government announced the independent review of British offshore financial centres, their role in the global economy and their long-term business strategies in November’s pre-Budget.

Foot and his team are is expected the deliver a final report in the fourth quarter of this year.

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