Treasury has published a progress report on the review of British offshore financial centres. The review, carried out by Michael Foot, will report fully at the end of the year. The progress report summarises some early conclusions and outlines the issues the review will now concentrate on. Among the issues are whether:
- there is or should be a level playing field between UK suppliers of retail products and suppliers from offshore centres;
- there is enough supervisory co-operation; and
- how “safety nets” and deposit protection schemes should work.
Comments are welcome by 5 June.