Cayman Finance today welcomed news that the Financial Conduct Authority (FCA) in the UK has removed its recent “high risk countries” list from its website and does not plan to publish such a list in the future.
Cayman Finance had been critical not only of the fact that the Cayman Islands appeared on the list, but that the FCA did not publish or explain the methodology that led to the listing.
“We are of course very pleased that the FCA has discontinued this list which we strongly felt lacked credibility. Unfortunately we will never know the extent of the negative impact the listing had on our reputation but hopefully organisations like the FCA are more careful with initiatives such as these in the future”, said Mr. Gonzalo Jalles, CEO of Cayman Finance.
Cayman Finance also said that they were supportive of the Cayman Islands Government in dealing with the issue and were very pleased with the urgency taken, in particular by the Ministry of Financial Services.
“We would also like to commend the Minister of Financial Services for his urgent response to the FCA listing”, add Mr. Jalles.