Lord Hunt of Wirral must be a workaholic. He is already leading the mammoth Law Society-commissioned review of legal regulation, but one review at a time is not enough, it seems. Yesterday, Hunt’s firm, Beachcroft, announced that their peer partner has kicked off a ‘strategic review of banking in Guernsey’.
‘Banking in Guernsey must find a path through a changed and changing landscape in order to make the best contribution it can to the island’s economy,’ Hunt said. According to the Guernsey Financial Services Commission, the island is home to 46 banks. Throw in the support industries and regulators, and you have a fair few meetings to set up.
Thankfully, Hunt’s schedule for the legal regulation review is easing a little. His roadshow has already taken him to Manchester, Birmingham, Cardiff, Bristol, Leeds and London, and he has just one remaining visit, to Liverpool, on 26 June. In taking the Guernsey job and the associated trips to the Channel Island, perhaps he wanted a break from travelling the British mainland.
With the Guernsey banking review, Hunt says he will make ‘concrete recommendations’ in the third quarter of 2009. By my reckoning, ‘third quarter’ roughly equates to ‘the summer’…which, as some of you may have twigged, is the same period he said he will publish his report on the legal regulation review. I can only assume that, after all this work, Hunt’s fourth quarter will be a little more sedate.