The Channel Islands' competition regulator, CICRA, is being split up and both islands will operate their own independent bodies this summer.

From the 1st of July, Jersey and Guernsey's independent regulators will take on responsibility for oversight in each Bailiwick.

In Guernsey's States meeting yesterday, Economic Development Minister, Deputy Charles Parkinson, announced the move had been requested by Jersey's Deputy Chief Minister, Senator Lyndon Farnham:

"On the 17th February, I received a telephone call from Senator Lyndon Farnham. During the call, Senator Farnham advised me of Jersey's intention to terminate the pan-island sharing of cost, expertise and administration support under the Channel Islands Competition and Regulatory Authority joint operating model and revert back to separate insular competition and regulatory authorities in Jersey and Guernsey."

Guernsey's Economic Development Minister, Deputy Charles Parkinson

Senator Farnham says both islands' regulators, the JCRA and GCRA, will continue to co-operate where appropriate, but differences in the islands' political and legal systems, priorities and periods between elections contributed to the decision to part ways.

He adds that unwinding CICRA will allow the island's new regulator to be 'responsive, adaptable and in tune with the needs of consumers and businesses' while also acting in the best interest of Jersey's economy:

"CICRA has demonstrated excellent cooperation between the two Islands, and I thank staff for their hard work over the last 10 years.

Jersey's Economic Development Minister, Senator Lyndon Farnham

"However, with a changing economic outlook, this decision has been made to enable the JCRA to focus on the consumer matters that impact people in Jersey. A renewed focus by the JCRA on promoting competition can support Islanders’ living standards and improve the competitiveness of businesses."

From the 1st of June, the Jersey Competition and Regulatory Authority will act independently, with its own Board, executive and staff.

CICRA, which currently acts as the overarching body for both islands' regulators, has declined to comment further on the decision.