The removal of a list of so-called high risk countries from the website of the UK Financial Conduct Authority’s (FCA) illustrates the need for a more open assessment of overseas jurisdictions by the British regulator.
This is according to Gonzalo Jalles, chief executive officer of Cayman Finance, the main trade body for the Cayman financial services industry, who spoke to Best’s News Service.
“Of course, it’s good news,” said Jalles. “I don’t think the [FCA's] methodology was properly thought through.”
He added that he would like to see details of the approach taken by the FCA and get an idea of how the UK regulator plans to offer risk assessments of other jurisdictions.
Jalles suspected that the FCA sees the fact that the financial services industry accounts for about half of Cayman’s gross domestic product as a high risk factor.
“We want to make sure that Cayman is properly assessed everywhere we can,” he said.
FCA, Gonzalo Jalles, Cayman Finance, Europe, Cayman