From the Jersey Evening Post:
ISLAND finance firms are still failing to provide important information to potential investors, according to the results of a mystery shopping exercise conducted last year.
The secret survey of 17 businesses showed that errors were still being made, but performance had improved compared to the outcomes when the exercise was last conducted in 2007.
The mystery shop was organised by the Jersey Financial Services Commission to assess the quality of advice given to clients.
JFSC director general John Harris said there was room for improvement regarding transparency of fees, charges and commissions.
Bad apples, all of them, of course. That will, no doubt, be the excuse.
But the key question is - if Jersey fiance companies can't even be transparent to their clients what hope is there that they're transparent to anyone else?
And if they can't comply with the rules on such a simple issue what chance is there that they might comply with other rules, like those on money laundering?
But Jersey Finance doesn't look to have thought that far. I wonder why?
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Richard, please note the JFSC is not the same as Jersey Finance.
Not relevant to this post: But ! ! ! !
http://nds.coi.gov.uk/content/detail.aspx?NewsAreaId=2&ReleaseID=417804&SubjectId=2
@Richard – Isn’t the fact they the results of this were published by the JFSC indicative of in fact transparency and openness in regulation?
The Jersey government sponsored Financial Supervision Commission (JFSC) has a highly selective policy when deciding which financial misdeeds to investigate or ignore.
It may be able to spell the word “transparency” but it is a million miles away from understanding or applying it.