Financial services expert Michael Foot will be meeting with key members of Bermuda's Government, the Bermuda Monetary Authority and the financial services sector this week as part of the UK review of Bermuda and other UK territories that are financial centres.

Mr. Foot, who is leading an independent review of financial centres in British Crown Dependencies and Overseas Territories, will be visiting Bermuda with the secretary to the review on Thursday and Friday.

The review was announced by UK Chancellor of the Exchequer Alistair Darling in his Pre-Budget Report 2008 and officially unveiled in December last year.

The investigation will focus on regulation, taxation in relation to financial stability, financial crisis management and international co-operation.

At the time of the announcement, Finance Minister Paula Cox said she was confident that Bermuda's reputation would not be harmed by the review and added that the International Monetary Fund, in its recent scrutiny of the Island, found regulation to be "largely compliant with international standards".

Mr. Foot's team was scheduled to first look at the Crown Dependencies - Jersey, Guernsey and the Isle of Man - before moving onto Overseas Territories, such as Bermuda, the Cayman Islands and the British Virgin Islands. Interim conclusions are expected in time for the UK Budget 2009, expected to be announced this month.

Mr. Foot is currently the Chairman of the UK office of Promontory Financial Group, which he joined following an extensive career in the Bank of England and the Financial Services Authority (where he was a managing director from 1998 to 2004), and a period as Inspector of Banks & Trust Companies at the Central Bank of The Bahamas (2004 to 2007).