View more on these topics

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.


Two-way tug

With the Budget known by the time you read this, I feel making any predictions on the short-term direction of markets risky. What does seem likely is that the two-way pull that has characterised the influences on investor psychology will continue for some while yet.

Manager focus: Angelos Damaskos

Every dollar in the movement of the oil price directly affects his profit and loss, says Angelos Damaskos, the manager of the CF Junior Oils Trust. Since the fund launched in September 2004, the manager says there have been several highs and lows in the volatile oil sector.Last July, for example, oil prices hit a […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm