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Govt offshore review to be led by PFG’s Michael Foot

UK office of promontory financial group chairman Michael Foot will lead the independent review of British offshore financial centres announced in last week’s pre-Budget report.

The review will examine the immediate and long-term challenges posed by financial supervision and transparency, taxation, financial crisis management and resolution arrangements and international cooperation in offshore jurisdictions.

Financial Services Secretary Paul Myners says: “I welcome the appointment of Michael Foot who brings significant experience in financial regulation to this task. Offshore financial centres must play a responsible role in the global financial system.

“This review will take a serious and constructive look at the challenges these centres face in the current economic climate, and how they can best respond to these.”

Crown dependencies minister Lord Bach says: “This review is an opportunity for the crown dependencies to demonstrate their strong track record in the regulation of their financial services industries.”


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