Until now the Jersey Financial Services Commission has issued quarterly reports on the banking, funds, investments and insurance sectors, together with information about company formations.
But from next month industry promoters Jersey Finance will be the main source of this key statistical information on the Island’s main industry, although the JFSC will continue to collate the underlying data.
Jersey Finance says the changeover has been recommended by a joint industry/JFSC working party who decided that ‘the promotional body for the industry would be better placed to oversee the release and publication of such information’.
JFL chief executive Phil Austin said the idea had been in the pipeline for several years.
He pushed aside the suggestion that there could be a danger of promotional spin.
‘The commission will receive the data from individual firms and they will give us the information in aggregate.
Hopefully we will be able to provide more detail and build in something more meaningful, supplemented by comments from the industry, which we will then present at a press briefing.
Figures ‘If anything, we should have a better understanding of these figures.