Warning to offshore centres from FSA chairman

LONDON - Howard Davies, chairman of the UK's Financial Services Authority has told offshore financial centres they need to do more to demonstrate they can and do meet international standards of best regulatory practice. Speaking at a dinner hosted by Isle of Man Financial Supervision Commission, he said: "The political temperature of the offshore centre question has risen sharply in recent months. Political leaders in the G7 economies, in particular, are very concerned by what they see as dangerous gaps in the world's defences against financial crime and financial instability." He added that the events in New York two weeks ago had accentuated that concern.