Former FSA chief will lead offshore inquiry into Crown Dependencies

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2008-12-02 (All day)

This will look at the 'immediate and long-term challenges' facing British offshore financial centres in the current economic climate, including financial supervision and transparency; taxation, in relation to financial stability, sustainability and future competitiveness; financial crisis management and resolution arrangements and international cooperation.

But the statement adds: 'The government has been clear that the variety of existing constitutional arrangements in place across these territories will continue to be respected, including their independence in fiscal matters and the setting of their own rates of taxation.'

Welcoming the launch of the review Lord Myners, who is also the Financial Services Secretary, said: 'I welcome the appointment of Michael Foot who brings significant experience in financial regulation to this task. Offshore financial centres must play a responsible role in the global financial system.