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Governor reflects on visit by UK financial inspector Published on Monday, August 17, 2009 Email To Friend    Print Version By Tess Hennigan Caribbean Net News Staff Reporter Email: tess@caribbeannetnews.com   On Thursday, the governor of the Turks and Caicos Islands, Gordon Wetherell, addressed the public to reflect on the visit by British Financial Inspector Michael Foot and to review plans for bettering the financial standing of the country. As a part of his Independent Review of British Offshore Financial Centres, Foot visited the TCI August 9 through 12, meeting with all appropriate government figures while there. Governor Gordon Wetherell Wetherell said, “The TCI authorities are fully committed to sound regulation of the financial services sector and to meeting internationally agreed standards of regulation, cooperation, and transparency,” adding, “We believe that this provides the only basis for sustainable long-term development of the sector.” “As a small and vulnerable jurisdiction,” he continued, “we also see Mr Foot’s review as an opportunity for ensuring that policies framed by the UK Government and international community are well informed and evidence-based.” The Governor said that, as the TCI seeks to return its economy to a sound growth path, the Review will enhance the understanding of how to safeguard the stability, as well as improving competitiveness of this important sector, mitigating, and if possible, avoid financial crises while cooperating productively with international partners. Wetherell pointed out, “This is an industry where reputation is everything, and it is important that the international reputation of the TCI financial services sector is based soundly on fact.” “If the TCI financial services sector is to succeed,” the Governor urged, “we must ensure that the laws and the implementation of the law stands up to international scrutiny.” He clarified that the Review will inform TCI regulatory policy-making, as they seek to allocate limited resources and develop workable rules, as well as implement supervisory practices that comply with international good practice. Wetherell expressed that Foot’s personal experience of working in the Caribbean offshore financial sector gives him a great advantage in identifying specific opportunities and challenges which face the TCI in this global recession, including the growing international pressure to strengthen financial supervision and regulation. “We, therefore, look forward to the recommendations in Mr Foot’s final report,” the Governor concluded.   Reads : 447 Back... Comments: No comments on this topic yet. Be the first one to submit a comment. Back... Send us your comments!   Send us your comments on this article for publication in our Readers' Forum or as a Letter to the Editor. All fields are required and in the interest of openness and transparency we will no longer accept anonymous submissions. We therefore request that all submissions include a name for publication, regardless of content. We will in special circumstances protect a writer's identity only after we have established good cause for anonymity, otherwise we will not be able to publish the submission. For your contribution to reach us, you must (a) provide a valid e-mail address and (b) click on the validation link that will be sent to the e-mail address you provide.  If the address is not valid or you don't click on the validation link, it will be a waste of your time typing your submission because we will never see it! Your Name: Your Email: (Validation required) Comments: Enter Validation Code *