An item in the Jersey Evening Post last night discussed the possible cost savings that could be made by the two islands working together and looked ahead to a meeting between their respective Public Accounts Committees to explore this in more detail.

Specialist health provision, competition regulation, payroll and tax collection, social security benefit payments and airport regulation are some of the areas that the two committees will consider.

The other area that the two financial watchdogs will look at are comparative data on how efficiently and how cheaply each island provides certain services with a view to adopting best practice across both islands.

It is an approach that has much to commend it. Guernsey and Jersey have already demonstrated that they can share a director of civil aviation and a utility regulator and Jersey’s chief minister is interested in pursuing a joint financial services regulator.

That, too, appears to have merit, especially given the increases in the size and cost of both island’s commissions – around 100 employees and £100m. locally, which is recovered from the regulated businesses and is a direct additional cost to operating here.

Removing duplication would achieve significant savings. Guernsey’s six commissioners last year received £117,762, or rather less than £20,000 each, while average salaries at the commission were in excess of £72,500.

In addition, as the commission confirmed yesterday, it has lost its third director in as many months with the resignation of the head of fiduciary services. Those leading the investment and insurance divisions have already announced their departures, which means that the last remaining divisional regulator is looking after banking, which is in decline in terms of numbers of institutions and funds on deposit.

What isn’t clear, of course, is why three highly experienced individuals have chosen to go now. One might be understandable on grounds of age, the other two, seemingly career regulators, are not.

The current level and method of regulation is causing great concern to the industry and possibly, from these resignations, to staff as well.

The timing is now right for a wider review of how best to provide centralised Channel Islands financial regulation.