The island may have won a battle but has yet to win the war in its fight to avoid any threat to its democracy.

That’s the view of the boss of a global professional organisation during a visit to the island.

Simon Culhane spoke out days after a constitutional crisis was averted when the UK Government withdrew a debate on the Financial Services Bill.

That was after a group of 40 MPs tabled an amendment that would have forced Crown Dependencies, including the Isle of Man, to create a public register of beneficial ownership

But Mr Culhane, who is chief executive of the Chartered Institute for Securities and Investment, which has more than 40,000 members in 110 countries, and nearly 600 members in the island, warned: ’This will not go away.’

During a whistlestop visit to the island Mr Culhane also talked about integrity and Brexit.

In his exclusive interview with Business News, Mr Culhane, who is based at Fenchurch Street, in the City of London, said: ’If you listen to the [recordings of] the parliamentary exchange, the Speaker John Bercow was significantly irked by the tactics of the government and he has promised Andrew Mitchell and Dame Margaret Hodge and co that the bill will return in a short period, unspecified.

’I listened to the transcripts and what the Speaker said and it is quite clear that this has not gone away.

’The (UK) government, in trying to avoid a constitutional problem, thought they had done so. But the Speaker is a friend of the backbenchers and I think we shall see this back.

’This may have been a battle won but it is certainly not the war, if you like. It is a tactical retreat.

’It is coming back. Your headline in the last Examiner: ’’Crisis averted - for now’’ is correct.

’But I think it is a matter of weeks [before the issue arises again].

’This has not been kicked in to the very long grass.’

Mr Culhane said there was a perfectly reasonable argument about transparency in the island. But he argued that life’s norms and morals have moved over the last few years and he said the issue of transparency is an example of something that has definitely moved.

He said: ’Ten to 15 years ago nobody would have given a monkey’s but today transparency is extremely important and so that is why it has built up a head of steam.

’And [using a quote from American lawyer Louis Brandeis in 1914], he added that ’sunlight is the best disinfectant’ and there was a huge element of disclosure.

’That is why there’s a strong tide moving in this direction. That’s why this has come up.

’And that is effectively reflecting much more about what public opinion is today than anything else.’

Mr Culhane said there is a ’perfectly reasonable system’ operating in the Isle of Man and stressed that in his opinion ’I would not cast any aspersions on it.

’But it does not meet effectively with what is the UK’s view today.

’I absolutely buy the constitutional point, it is fundamental.

’I’m very sympathetic to the constitutional crisis [fears] but I can see that there is a wall of public opinion wanting a need for greater transparency.’

Mr Culhane, who has visited the island several times, said Crown Dependencies have long had problems dealing with claims ’particularly about the tax haven stuff and I know there has been a huge amount of work among the near dependencies, including the Isle of Man, to demonstrate openness and transparency.

’It takes a long time to change a reputation.

’The transparency issue is simply because that is the rising tide of public opinion today.’

Mr Culhane said the Isle of Man and the other Crown Dependencies needed to stand up and fight their corner.

’If I was sitting in Tynwald I would stand up and say we need to rebut unanswered allegations.’

Mr Culhane said that in his opinion the island should also demonstrate the level of co-operation being given to the various official authorities.

interactive

Mr Culhane was in the island last week for a joint event between the Chartered Institute for Securities and Investment (CISI) and Isle of Man Chamber of Commerce at the Claremont Hotel, Douglas.

It was an integrity at work interactive workshop delivered by Mr Culhane.

He explored real-life ethical challenges experienced in the workplace and offered business people who attended the opportunity to vote, using individual voting machines, on how they would respond should they be faced with any dilemmas.

Mr Culhane spoke to Business News shortly before the event, from the offices on North Quay, Douglas, of Equilibrium Pensions, whose boss Tim Boles, is a prominent member of the CISI.

case studies

Mr Culhane said there were some very practical case studies to explore the essence of what is right and wrong and show how integrity is not always black and white and it could also be ’a bit grey’.

He said: ’It is not so easy. On some very straightforward examples there will be a wide range of views among people who themselves think they have the upmost integrity and are pretty honest and transparent.’

Asked if the financial services industry in the island should be smartening up its act he said: ’It means that the human emotions about what we mean by integrity actually vary. Integrity is dynamic.

’What was acceptable today was acceptable yesterday but probably won’t be acceptable tomorrow.’

changed

’For example, a few years ago, some 10 to 20 years ago, it was quite regular for finance directors to be having a quiet word with their stockbrokers about what likely results were going to be. It happened all the time.

’Today, that would mean 10 years in jail.

’Society has completely changed on what is and what isn’t acceptable.

’It is one of the interesting things about the whole issue of integrity.

’It is at a point in time, it is not an absolute, so you get people on different parts of the journey as to what they think is fair and acceptable.

’Fairness is a key part of integrity along with openness, honesty, and transparency.

’These days, particularly, people are looking at multinationals, paying their tax dues and asking: ’’Do they pay their fair share?’’

’We as a society like fairness’.

brexit

Mr Culhane also touched upon the Brexit debate and its effect on CISI members, who include people working in wealth management.

He said: ’Most people have been very resilient about it.’

And he said that despite the uncertainty over Brexit the number of people gaining qualifications through the CISI was at a record level.

And they were continuing to attract good people and the number of people entering the finance sector was about seven to eight per cent higher than it was last year.

Mr Culhane praised the work of the branch of the CISI in the island.

He said: ’I would say surprising resilience is the story so far.’

He said there appeared to be ’far less Project Fear in reality than we were led to believe.’

want a deal

He argued: ’Our members in the CISI definitely want a deal on Brexit, unquestionably.

’This is also true about business generally.

’Business abhors uncertainty and what you have at the moment is utter uncertainty.

He acknowledged there were ’huge worries’ among his members both in the UK and the Isle of Man.

He said: ’Everybody wants to have some certainty.

’Uncertainty is like a draining sore.’