§ Lord Hackingasked Her Majesty's Government:
When they will report on the Edwards review of financial regulation in the Crown Dependencies. [HL3924]
§ Lord Williams of MostynThe United Kingdom Government and the authorities in Jersey, Guernsey and the Isle of Man welcome Andrew Edwards' report on financial regulation, which has been laid before Parliament today. Copies of the report are being placed in the Library and the Printed Paper Office. The report, which has been produced in consultation with the Islands, contains detailed accounts of the legislation and regulatory arrangements on Jersey, Guernsey and the Isle of Man respectively. It confirms that the arrangements in place conform in large measure to the internationally accepted standards of financial regulation.
The report also concludes that there are a number of changes which could raise standards still further, both in the United Kingdom itself and in the Crown Dependencies. In many cases, these conclusions are in line with policies which are already being developed. The United Kingdom Government and the Island authorities have agreed to meet in January 1999 to begin the task of examining systematically the conclusions of the Edwards report and the plans of action being drawn up by the Islands and the United Kingdom in response to those conclusions. This programme will include new arrangements, under my chairmanship, for all the parties to meet jointly on a regular basis to take stock of progress. These meetings will take place alternately in London and in one of the Crown Dependencies.
The United Kingdom and the Island authorities believe that the Edwards review and the follow-up 206WA action on its conclusions should further strengthen effective financial regulation in the Islands and, in so doing, contribute to the long-term health of the Island economies.