Law Reform and Financial Markets

Law Reform and Financial Markets

Elgar Financial Law series

Edited by Kern Alexander and Niamh Moloney

Law Reform and Financial Markets addresses how law reform can be used to support strong financial markets and draws on the global financial crisis as a case study.

Chapter 8: Deposit Protection Schemes in British Offshore Finance Centres

Philip Morris

Subjects: law - academic, finance and banking law


Philip Morris* INTRODUCTION The British Isles offshore jurisdictions of Jersey, Guernsey and the Isle of Man enjoy a ‘unique’ constitutional status.1 Neither part of the United Kingdom nor colonies they are British Crown dependencies with near complete domestic self-government. This is cemented by an historic constitutional convention that prevents the United Kingdom Parliament from legislating on their internal affairs without first engaging in consultation with and obtaining the prior consent of the insular authorities. Recent political concordats2 struck between the insular authorities and the United Kingdom government further develop this position by granting all three jurisdictions autonomy to create a separate international identity; this is expressed in concrete terms by the United Kingdom entering into formal agreements with supranational institutions and sovereign states. These arrangements are, however, subject to the undisputed sovereign right, in technical constitutional law terms, of the United Kingdom Parliament to legislate for the Crown dependencies, if need be in defiance of their wishes, and an overarching, ill-defined power of unilateral intervention on grounds of good government. The insular perspective construes the latter narrowly as requiring a serious breakdown of civil order, but its precise content has never been defined and it is arguably capable Independent Researcher. See generally Report of the Royal Commission on the Constitution 1969–73, Vol I, Cmnd 5460, paras 1347–1348, 1361–1363, 1469 and 1473 (the Kilbrandon Report).. 2 Department for Constitutional Affairs/States of Guernsey, Framework for Developing the International Identity of Guernsey (1 May 2007); Department for Constitutional Affairs/States of...

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