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.”