Jersey’s financial services regulator is planning a clampdown on advisers to mirror the RDR, with Guernsey set to follow suit.
Jersey Financial Services Commission senior manager Chris Jordan said the regulator wants the regime in place by January 1, 2014. The plans were raised last week at a Chartered Institute for Securities and Investment meeting on the island.
Jordan told Money Marketing the regulator is lining up an ind-ustry consultation on the proposals, which have not formally been announced. He says: “We are only announcing our intention to introduce new requirements at this stage. It is firmly our intention that they will mirror the RDR here.”
The move is part of a wider plan to ensure Jersey is viewed as offering a prudent regulatory regime rather than simply being a tax haven.
A spokesman for the Guern-sey Financial Services Commission says: “The commission has established a working party to consider retail consumer protection and those issues encompassed by the RDR are under consideration, in addition to others.”
AES International managing director Sam Instone says: “RDR predominantly affects advisers and Jersey is known as being a home for product providers.
“But it will make it less attractive for some of the ’bad’ product providers to hide in the crown dependencies, perceived by some to be the best places to get away with providing large commission payments.”